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Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Click's income for the year consists of $89,300 in
Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Click's income for the year consists of $89,300 in salary, $1,650 interest income, $730 long-term capital loss. The Click's expenses for the year consist of $1,525 investment interest expense. Assuming that the Click's marginal tax rate is 35%, what is the amount of their investment interest expense deduction for the year?
$920
$1,525
$1,650
$2,255
None of these
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