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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Definitions:

Married Women

Women who are in a legal marital relationship; societal and legal rights and obligations can vary significantly depending on the location and time period.

Labor Force

The total number of people who are of working age, able and willing to work, including both the employed and those seeking employment.

AFL

Known as the American Federation of Labor, a national federation of labor unions in the United States founded in Columbus, Ohio, in December 1886.