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Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Clicks income for the year consists of $90,000 in salary, $2,000 interest income, $800 long-term capital loss. The Clicks expenses for the year consist of $1,500 investment interest expense. Assuming that the Clicks marginal tax rate is 35%, what is the amount of their investment interest expense deduction for the year? a. $1,200 b. $1,500 c. $2,000 d. $2,300 e.

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Accounting Basics, Accounting

Category:- Accounting Basics
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