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Author Question: On July 31 of the current year, Marjorie borrows $120,000 to purchase a new fishing boat. The loan ... (Read 86 times)

casperchen82

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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
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by casperchen82 on Sep 13, 2020

Jadwiga9

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Reply #1 on: Sep 13, 2020
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casperchen82

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Reply 2 on: Sep 13, 2020
Wow, this really help

amit

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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