Business
Business, 20.12.2019 06:31, danielmartinez91

Mickey and jenny porter file a joint tax return, and they itemize deductions. the porters incur $2,000 in investment expenses. 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 portersâ 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?

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Answers: 3

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Mickey and jenny porter file a joint tax return, and they itemize deductions. the porters incur $2,0...

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