[nib]

Hello Friends ,

I have following query about simulation question of ” Schedule A – Itemized Deductions

1) what is Point amount for refinance home .

point amt ???

Eg. Wai refinanced her home for 15 years on March 31, 2015; she paid $1,500 in points expense.

she is only able to claim point interest= (($1,500 ÷ 180 months) x 9 months). = 75

explanation=

Line 10: The home mortgage interest is the summation of two components: the mortgage interest amount and the deductible point amount. The “Expenses in 2015 Tax Year” table provides the mortgage interest amount as $6,000 and the point payment as $1,500. Since Wai refinanced her home on March 31, 2015, she is only able to claim $75 in point interest (($1,500 ÷ 180 months) x 9 months). Hence, the total home mortgage interest amount is $6,075 ($6,000 + $75).