qualified residence

qualified residence definition - business

qualified residence

A dwelling on which mortgage interest qualifies for deductibility under Internal Revenue Service rules. The IRS permits deductions for interest paid on loans to finance a taxpayer's principal residence and one other qualified residence.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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