While Points Paid to Purchase a Residence Are Deductible as Interest

question 24

True/False

While points paid to purchase a residence are deductible as interest in the period paid,points associated with the refinancing of a residence must be amortized and deducted over the life of the loan.

---

Definitions:

Naval Guns

Naval guns are large caliber artillery pieces mounted on ships, used historically in naval warfare to engage other ships or fortifications.

Major Export

The primary good or service sent from one country to another for sale or trade, often a significant part of a nation's economy.

High-Fashion

Refers to the creation and industry surrounding luxury clothes, accessories, and trends, often showcased in fashion shows.

Bureaucracy

A system of government in which most of the important decisions are made by state officials rather than by elected representatives.