Points Paid on a Mortgage to Buy a Personal Residence

question 63

True/False

Points paid on a mortgage to buy a personal residence are deductible in the year paid.

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Definitions:

Negligence Action

A legal claim brought against someone who fails to take reasonable care, resulting in harm or damage to another person.

Reasonable Person

A legal standard used to determine how an average person would responsibly act in certain circumstances for the purpose of establishing negligence.

Insurance Agents

Persons acting on behalf of an insurer to handle policies.

Principals

A term referring to the main parties involved in a business or agreement.