Homework Answers
answer:- 1700 , 1575
1)Amount of investment interest expense deduction for year = interest income + non qualifying dividends
=$600 + $1100 = $ 1700
note:-1700< 2600 investment interest expense.The long term capital gains are not considered investment income because this income is taxed at a preferential rate.
2)if we use the cash method of accounting, you must pay the interest before you can deduct it.
form 4952 limits the investment interest expense deduction for an individual,estate or trust to its net income from the investment .
interest income= $1900
investment interest expense =$1575
allowed deduction limit = investment income
so $1575 is allowed as deduction.
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