Wayne and Maria Purchase a Home on April 1 of the Current

question 99

Multiple Choice

Wayne and Maria purchase a home on April 1 of the current year.In order to obtain a thirty-year mortgage,they are required to pay $7,200 in points at closing.Charging points is a customary business practice in the area.In addition,they pay $4,400 of interest during the year.What is their current year deduction related to their home?

• A)$4,400
• B)$4,580
• C)$7,200
• D)$11,600

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