Marketed as 'The Riviera of America' perhaps Niceville's name was chosen for Nice, France situated on a beautiful bay with a temperate climate along the French Riviera. As interest in the local area grew McCaskill marketed land along the Choctawhatchee Bay as The Vale of Paradise.
In the case of a sale or exchange of property by an unmarried individual whose spouse is deceased on the date of such sale, paragraph (1) shall be applied by substituting â$500,000â for â$250,000â if such sale occurs not later than 2 years after the date of death of such spouse and the requirements of paragraph (2)(A) were met immediately before ...
So, for multi-million dollar homes that are co-owned by unmarried persons, interest is deductible only on $1 million of acquisition indebtedness, not the interest attributable (at the maximum) to a single $2 million mortgage (attributed due to ownership equally between the co-owners).