Robin purchases a new home costing $80,000 in 2021. She pays $8,000 down and borrows the remaining
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Robin purchases a new home costing $80,000 in 2021. She pays $8,000 down and borrows the remaining $72,000 by securing a mortgage on the home. She also pays $1,750 in closing costs, $1,600 in points to obtain the mortgage, and pays $4,440 in interest on the mortgage during the year. Her adjusted gross income is $78,000.
What is Robin's allowable itemized deduction for interest paid?
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Related Book For
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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