Author Question: On July 31 of the current year, Marjorie borrows $120,000 to purchase a new fishing boat. The loan ... (Read 91 times)

casperchen82 · **on:** Sep 13, 2020

Question 1

Nina includes the following expenses in her miscellaneous itemized deductions before application of the 2% of AGI floor:

Nina's AGI is $100,000. How much of the above-noted expenses will reduce her net investment income?
◦ $4,000
◦ $5,500
◦ $3,000
◦ $3,500

Question 2

On July 31 of the current year, Marjorie borrows $120,000 to purchase a new fishing boat. The loan is secured by her personal residence. On the date of the loan, the outstanding balance on the original debt incurred to purchase the residence is $300,000 and the FMV of the home is $450,000. What is the total amount of debt on which Marjorie can deduct interest in the current year?
◦ $300,000
◦ $400,000
◦ $420,000
◦ $450,000

Jadwiga9 · **Reply #1 on:** Sep 13, 2020

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