(Answered) Question - carlos and elena file a joint return and decide

Accounting

Question - Carlos and Elena file a joint return and decide to itemize their deductions. Their income for the year consists of $120,000 in salary, $1,000 interest income, $1,500 non-qualifying 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 their marginal tax rate is 30%, what is the amount of investment expense deduction for the year?

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