Matthew borrows $250,000 to invest in bonds. During 2013

profileKnowledgeCats
 (Not rated)
 (Not rated)
Chat

Matthew borrows $250,000 to invest in bonds. During 2013, his interest on the loan is $30,000. Matthew's interest income from the bonds is $10,000. This is Matthew's only investment income.
a) calculate Matthew's itemized deduction for investment interest expense for this year. ______________________

b) Is Matthew entitled to a deduction in future years? ______________

Explain ________________________________________

I'm thinking this goes on form 1040 schedule A?

    • 10 years ago
    Matthew borrows $250,000 to invest in bonds. During 2013
    NOT RATED

    Purchase the answer to view it

    blurred-text