- Eltarnlg theincum-ialschool com Comprehensive Module 3: Final Exam 1. Tracy bought a home and had to pay points as part of the settlement expenses. All the following are considered points except: a) Loan origination fee b) Prepaid mortgage payments c) Loan discount d) Loan placement fees. discount points 2 Michael paid the followmg taxes during the year What is the total tax amount Michael iiiili be allowed to deduct on Schedule A. line 7'? (Michael is including his foreign taxes paid on Schedule A,) Real estate taxes 3 3,500 Federal income taxes 5 12,000 State income taxes. 5 5.850 Foreign taxes $ 200 Personal property tax on S 580 Vehicle license fee: $ 50 his vehicle