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October 21, 2014

Homework Help: income tax

Posted by Lourane on Sunday, November 25, 2012 at 4:32pm.

For 2011, Jorge, a single father, reported the following amounts relating to his investments:

Net investment income from interest $7000
Interest expense on a loan to purchase stocks $2000
Interest expense on funds borrowed in 2010 to purchase land for investment

What is the maximum amount that Jorge can deduct in 2011 as investment interest expense?

a. $1,000
b. $2,000
c. $6,000
d. $7,000

is the correct answer c

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