Your client, Mr. and Mrs. Jones, have asked you about being able to deduct investment...
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Your client, Mr and Mrs Jones, have asked you about being able to deduct investment interest during They took out a loan to purchase a commercial lot that they will hold for investment and plan on selling in a few years. The interest paid on the loan in is $ They have heard that the new tax law has changed some of the rules about itemized deductions, but they dont know the details. They have never deducted investment interest before and dont know if there is some kind of limit on what they can deduct. Also they want to know if they will lose the deduction if they cant deduct the interest this year. They plan on having about $ in itemized deductions NOT counting the $ interest deduction. They will have $ in investment income this year.
Your client, Mr and Mrs Jones, have asked you about being able to deduct investment interest during
They took out a loan to purchase a commercial lot that they will hold for investment and plan on
selling in a few years. The interest paid on the loan in is $ They have heard that the new tax
law has changed some of the rules about itemized deductions, but they dont know the details. They
have never deducted investment interest before and dont know if there is some kind of limit on what
they can deduct. Also they want to know if they will lose the deduction if they cant deduct the interest
this year. They plan on having about $ in itemized deductions NOT counting the $ interest
deduction. They will have $ in investment income this year.
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