Mickey and jenny porter file a joint tax return and they, Ask an Expert

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Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in employment-related miscellaneous itemized deduc- tions. 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?

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Taxation, Accounting

Category:- Taxation
Reference No.:- M91580102

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