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On December 1 Bernie took out a 15-year loan for $461000. He paid 2% in points in order to get the loan, or $9220. This
On December 1 Bernie took out a 15-year loan for $461000. He paid 2% in points in order to get the loan, or $9220. This is essentially prepaid interest. If the loan is used to purchase a home he uses as a rental property, what is the maximum he can deduct? [Points paid for non-personal residence acquisition loan has to be amortized based on the straight-line method during the loan period.]
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