Question
Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,275 in investment expenses. They also incur $5,125 of
Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,275 in investment expenses. They also incur $5,125 of investment interest expense during the year. The Porters’ income for the year consists of $175,500 in salary and $4,285 of interest income.
a. What is the amount of the Porters' investment interest expense deduction for the year?
| Investment Interest Expense Deduction |
b. What would their investment interest expense deduction be if they also had a ($2,595) long-term capital loss?
| Investment Interest Expense Deduction |
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Fundamentals Of Taxation 2015
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
8th Edition
1259293092, 978-1259293122, 1259293122, 978-1259293092
