Business, 19.03.2021 02:10 djs1002

Bill and Jen Walters purchased their home in 2007 and took out a mortgage of $1,000,000. The current loan balance is $875,000 and the fair market value of the home is $1,400,000. The rate on their existing loan is 6% and the current rate for home loans is 4.5% so the Walters would like to refinance to take advantage of the lower interest rate. If the Walters refinance the full $875,000 balance on their mortgage on January 1st of this year, what amount of interest is deductible as an itemized deduction this year

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Bill and Jen Walters purchased their home in 2007 and took out a mortgage of $1,000,000. The current...

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