Wayne and Maria purchase a home on April 1 of the current year. In order to obtain a thirty-year mortgage, they are required to pay $7,200 in points at closing. Charging points is a customary business practice in the area. In addition, they pay $4,400 of interest during the year. What is their current year deduction related to their home?
A) $4,400
B) $4,580
C) $7,200
D) $11,600
D) $11,600
Points on the purchase of a home are deductible in the year paid, provided certain requirements are met.
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