Wayne and Maria purchase a home on April 1 of the current year. In order to obtain a 30 year mortgage, they are required to pay $7,200 in points at closing. Charging points is a customary business practice in the area. In addition, they pay $4,400 of interest during the year. What is their current year deduction related to their home?

Answer rating: 100% (QA)

To determine Wayne and Marias current year deduction related to their home we need to consider the p... View the full answer