skyrimmaster3031 skyrimmaster3031

21-12-2022
Business

Answered

BOB AND CAROL REFINANCED THEIR SOLE RESIDENCE, VALUED AT $500,000 IN 2021. UNDER THE REFINANCING ARRANGEMENT, THEY REFINANCED THEIR $300,000 INDEBTEDNESS FOR $400,000 RECEIVING $100,000 IN CASH THAT THEY USED TO PAY FOR THEIR DAUGHTER WEDDING. WHAT PERCENT OF THE INTEREST THEY PAY ON THE REFINANCED PROPERTY ARE THEY ABLE TO DEDUCT?

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