Leland and Amy are buying their first home. They are considering paying points to reduce the interest

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Leland and Amy are buying their first home. They are considering paying “points” to reduce the interest rate on a Veteran Affairs (VA) or Federal Housing Administration (FHA) loan. If they do this, they would like to know whether this expense can be deducted in the year a house is purchased. Locate Rev. Proc. 92–12 and Rev. Proc. 94–27 and formulate a response.

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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