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Mary Smith refinanced her home in January of 2021 for $280,000 on a 20-year mortgage. The home had been purchased 3 years earlier for $310,000.

Mary Smith refinanced her home in January of 2021 for $280,000 on a 20-year mortgage. The home had been purchased 3 years earlier for $310,000. She paid $13,200 in mortgage interest plus $1,600 in points to refinance. How much can she deduct as interest expense for 2021?

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