Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in employment-related miscellaneous itemized deductions. They also incur $3,000 of investment interest expense during the year. The Porters income for the year consists of $150,000 in salary, and $2,500 of interest income.

a.What is the amount of the Porters investment interest expense deduction for the year?

b.What would their investment interest expense deduction be if they also had a $2,000 long-term capital loss?