Author Question: Dana paid $13,000 of investment interest expense in a year in which she earned $4,500 in dividends, ... (Read 35 times)

nautica902 · **on:** Sep 13, 2020

Question 1

Claudia refinances her home mortgage on June 1 of the current year. She obtains a 30 year mortgage at 5%. As part of the refinancing, she pays points of $3,600 (a customary practice in her location). What amount, if any, of the points are deductible?
◦ $0
◦ $70
◦ $120
◦ $3,600

Question 2

Dana paid $13,000 of investment interest expense in a year in which she earned $4,500 in dividends, $5,400 in interest income, and had a short-term capital gain of $1,000 and a long-term capital gain of $2,200. The capital gains resulted from the sale of stock held as an investment. She has no other investment-related expenses. What is her maximum deduction for investment interest expense if Dana makes the proper elections to raise her ceiling as high as possible?
◦ $5,400
◦ $9,900
◦ $13,100
◦ $13,000

popopong · **Reply #1 on:** Sep 13, 2020

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