Robin is single and purchases a new home for $80,000 in 2020. She pays $8,000 down and
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Robin is single and purchases a new home for $80,000 in 2020. She pays $8,000 down and borrows the remaining $72,000 by securing a mortgage on the home. Robin pays $1,750 in closing costs, $1,600 in points to obtain the mortgage, and $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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Robin is allowed to deduct the 4440 interest paid on the ...View the full answer
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Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
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