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

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Question;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?

 

Paper#42343 | Written in 18-Jul-2015

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