Your client, Mr$.$ and Mrs$.$ Jones, have asked you about being able to deduct investment interest during

$2023.$ 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 $2023$ is $$5,000.$ They have heard that the new tax

law has changed some of the rules about itemized deductions, but they don$$t know the details. They

have never deducted investment interest before and don$$t 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 can$$t deduct the interest

this year. They plan on having about $$28,000$ in itemized deductions NOT counting the $$5,000$ interest

deduction. They will have $$2500$ in investment income this year.