Three Years Ago,Myriah Refinanced Her Home Mortgage and Was Required

question 84

Multiple Choice

Three years ago,Myriah refinanced her home mortgage and was required to pay two points on the refinanced loan.The loan was secured by the property,and the charging of points was the established lending practice in the area.The term of the loan was 20 years.Myriah sold the house earlier this year and paid off the refinanced mortgage.In this year of the home sale,is Myriah allowed any deduction with respect to the points paid on the refinanced mortgage?

• A)Yes,she can deduct the full amount of the refinanced loan points in the year of sale because none of these points have been previously deducted.
• B)Yes,she can deduct the unamortized balance of the refinanced loan points in the year of sale.
• C)No,the full amount of the refinanced loan points were already deducted in the year the home mortgage was refinanced.
• D)No,points paid to refinance a home mortgage are never deductible.

---

Definitions:

Audience Centred

An approach focusing on understanding and addressing the interests, needs, and expectations of the audience.

Oral Presentation

A spoken presentation intended to inform, persuade, or build goodwill among an audience.

Flashy

describes something that is showy, vibrant, and intended to attract attention through its brightness or ostentation.

Eye Contact

The act of looking directly into another person's eyes, which can communicate various emotions and intentions.