Bill has a mortgage loan on his personal residence.He decides to pay 24 months of interest in advance on July 1,2013.The total advanced interest payment is $72,000.How much of the advance interest payment can he deduct in 2013?
A) $72,000.
B) $36,000.
C) $18,000.
D) Mortgage interest is not deductible.
E) If a taxpayer makes an advance payment,he may not deduct any interest.
Correct Answer:
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