Marcia borrowed $110,000 to acquire a parcel of land to be held for investment purposes and paid interest of $9,000 on the loan. Other items related to Marcia's investments include the following:
Marcia is unmarried, has AGI of $65,000, and elects to itemize her deductions.She has no miscellaneous itemized deductions other than the investment counsel fees.

Question

Marcia borrowed $110,000 to acquire a parcel of land to be held for investment purposes and paid interest of $9,000 on the loan. Other items related to Marcia's investments include the following:
  Marcia is unmarried, has AGI of $65,000, and elects to itemize her deductions.She has no miscellaneous itemized deductions other than the investment counsel fees.

Quizplus · Accepted Answer

The Answer of Marcia borrowed $110,000 to acquire a parcel of land to be held for investment purposes and paid interest of $9,000 on the loan. Other items related to Marcia's investments include the following:
  Marcia is unmarried, has AGI of $65,000, and elects to itemize her deductions.She has no miscellaneous itemized deductions other than the investment counsel fees.

Marcia Borrowed $110,000 to Acquire a Parcel of Land to Be