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Benjamin is an active investor in stocks and bonds. During the current tax year he earned interest and dividend income totalling $18,000. He frequently borrows
Benjamin is an active investor in stocks and bonds. During the current tax year he earned interest and dividend income totalling $18,000. He frequently borrows money to purchase his investments and this year Benjamin paid investment interest of $14,000. His only other investment expense during the year was $5,000 paid to a professional investment advisor. How much of the investment interest expense can be deducted on Benjamin's tax return this year as an itemized deduction?
$ 0
$ 9,000
$13,000
$14,000
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