Question
Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,200 in investment expenses. They also incur $5,000
Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,200 in investment expenses. They also incur $5,000 of investment interest expense during the year. The Porters' income for the year consists of $174,000 in salary and $4,180 of interest income. b. What would their investment interest expense deduction be if they also had a ($2,560) long-term capital loss? Answer is complete but not entirely correct. Investment interest expense deduction 1,620
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