On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
Mary's deduction in year 1 for her points paid = 200000 * 1% * 9/360
= 2000 * 9/360
= 50
On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal...
On April 1, year 1, Mary borrowed $130,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 7 percent to 6 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
On March 31, year 1, Mary borrowed $310,000 to buy her principal residence. Mary paid 2 points to reduce her interest rate from 8 percent to 7 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid?
Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her bonge 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs closing costs include application fee, appraisal fee. loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at...
Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,00. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at the time of...
Question: Suppose your friend April is considering to refinance her mortgage. She bought her house 60 month... Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 196,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit...
Part II -Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years...
This year Diane paid $20,000 of interest on a mortgage on his home (Diane borrowed $600,000 to buy the residence and it is currently worth $900,000), and $2,500 on a $90,000 home equity loan on his home to purchase a boat. How much interest expense can Diane deduct as an itemized deduction?
19.This year, Diane paid $20,000 of interest on a mortgage on his home (Diane borrowed $600,000 to buy the residence and it is currently worth $900,000), and $2,500 on a $90,000 home equity loan on his home to purchase a boat. How much interest expense can Diane deduct as an itemized deduction?
This year, Benjamin Hassell paid $20,000 of interest on a mortgage on his home (Benjamin borrowed $600,000 in 2015 to buy the residence and it is currently worth $1,000,000), $12,000 on a $150,000 home-equity loan on his home, and $10,000 of interest on a mortgage on his vacation home (loan of $300,000; home purchased for $400,000 in 2016; home is not rented out at any time). How much interest expense can Benjamin deduct as an itemized deduction? Please show all...
Mary borrowed $250,000 on a 30 year mortgage at 3% with monthly payments. After 18 years, Mary wants to pay off the house and move to another job. About what is the principal balance for the loan?