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On December 1 Bernie took out a 15-yearloan for $300,000. He paid 2% in "points"...

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Accounting

On December 1 Bernie took out a 15-yearloan for $300,000. He paid 2% in "points" in order to get the loan, or $6,000. This is essentially prepaid interest. If the the loan is used to ourchase his principal residence, what is the maximum he can deduct in the current year? If the loan is used to purchase a home he will use as a rental property, what is the maximum he can deduct?

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