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Brandon and Jane Forte file a joint return and decide to itemize their deductions. The Forte's income for the year consists of $120,000 in salary, $1,000 interest income, $1,500 nonqualifying dividends and $1,000 long term capital gains. Their expenses for the year consist of $3,000 investment interest expense and $900 tax preparation fees. Assuming that the Forte's marginal tax is 30%, what is the amount of investment interest expense deduction for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9971824

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