Michelle has interest and short-term capital gain income of $9,000 during the current tax year. She paid brokers' commissions of $1,000, $2,200 in investment advisors' fees, and had $7,700 of interest expense on funds borrowed to purchase securities. Michelle has an adjusted gross income of $105,000. Calculate What amount of investment interest expense may be deducted as an itemized deduction?

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Tax is a compulsory obligation on every taxpayer that touches the taxable income threshold However v... View the full answer