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04-11-2022
Business

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brandon and jane forte file a joint tax return and decide to itemize their deductions. the fortes' income for the year consists of $120,200 in salary, $1,100 interest income, $1,600 nonqualifying dividends, and $1,300 long-term capital gains. the fortes' expenses for the year consist of $3,100 in investment interest expense and $920 in tax preparation fees. assuming that the fortes' marginal tax rate is 32 percent and they make no special elections, what is the amount of investment interest expense deduction for the year?

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