Question: Consider the settlement statement in Appendix A to this chapter. What amounts on the statement are the Jeffersons allowed to deduct on their 2014 tax

Consider the settlement statement in Appendix A to this chapter. What amounts on the statement are the Jeffersons allowed to deduct on their 2014 tax return? Indicate the settlement statement line number for each deductible amount (discuss any issues that must be addressed to determine deductibility) and label each deduction as a for AGI deduction or as a from AGI deduction.

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Line 801 Loan origination fees 3000 for AGI deduction as qualified residence interest Line 802 Loan discount 6000 for AGI deduction as qualified resid... View full answer

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