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For 2014 Thomas, a single parent, reported the following amounts relating to his investments: Net investment income $ 7,000 Interest expense on a loan to
For 2014 Thomas, a single parent, reported the following amounts relating to his investments: Net investment income $ 7,000 Interest expense on a loan to purchase stocks 2,000 Interest expense on funds borrowed in 2014 to purchase land for investment 6,000 ________________________________________ What is the maximum amount that Thomas can deduct in 2014 as investment interest expense? rev: 02_24_2015_QC_CS-8324 $6,000 $2,000 $1,000 $7,000
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