Sally sells her home to Bob and pays $ 9,000 in points for Bobs mortgage, by receiving

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Sally sells her home to Bob and pays $ 9,000 in points for Bob’s mortgage, by receiving $ 9,000 less in sale proceeds. Determine the tax effects on both parties.

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Federal Tax Research

ISBN: 9781285439396

10th Edition

Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill

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Question Posted: Oct 30, 2015 02:11 AM

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Sally sells her home to Bob and pays $ 9,000 in points for Bobs mortgage, by receiving

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The seller cannot deduct the points in the current year as interest as there is ...View the full answer

Federal Tax Research

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