Adjusted gross income

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Reference no: EM13991875

Stoycho and Selen are married and have the following investment income for 2009 and 2010:

 

2009

2010

Interest on U.S. Treasury notes

$1,200

$1,400

Cash dividends

3,000

2,200

Interest on savings

2,000

1,500

Interest on state of Montana bonds

800

800

Net long-term capital gain

1,000

500

Their adjusted gross income before considering the investment income is $84,000 in 2009 and $73,500 in 2010. Stoycho and Selen pay $9,000 in investment interest in 2009 and $5,000 in 2010. The investment interest is incurred to acquire all the investments in their portfolio.

Write a letter to Stoycho and Selen explaining how much investment interest they can deduct for 2009 and 2010.

Reference no: EM13991875

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