contestada

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,425 in employment-related miscellaneous itemized deductions. They also incur $5,375 of investment interest expense during the year. The Porters' income for the year consists of $178,500 in salary and $4,495 of interest income.

What is the amount of Porters' investment interest expense deduction for the year?

Respuesta :

abiolataiwo2015

Answer:

$4,995

Explanation:

Calculation of the amount of the Porters' investment interest expense deduction for the year

Based on the information given we were told that Porters' income consists of the amount of

$4,495 of interest income which means that $4,995 will be the investment interest expense deduction for the year. While the amount of $380 ($5,375-$4,995) will be the amount that will be carried forward to the following year.

Therefore Porters' investment interest expense deduction for the year will be $4,995

Otras preguntas