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Vlad [161]
3 years ago
5

On July 1 of the current year, Marcia purchases a new home and borrows $320,000. Marcia is required to pay two points on the loa

n. The loan is secured by the residence and the charging of points is an established business practice in the area. The term of the loan is 20 years, beginning on July 1 of the current year. How much, if any, of the points may Marcia deduct in the current year?
Business
1 answer:
Masja [62]3 years ago
4 0

Answer:

$6,400.

Explanation:

Because these points are paid in connection with the purchase of a principal residence, Marcia may deduct $6,400 ($320,000 × 2%) as interest expense during the current year.

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