Borrowed money to purchase stocks and taxable corporate bond

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Tom borrowed money to purchase stocks and taxable corporate bonds. During 2014 Tom paid $10,000 interest on this loan. Janice’s gross income in 2014 included $40,000 of wages, $5,000 of interest and $2,000 of capital gain taxed at the lower capital gain rate. She also paid $500 to her investment advisor. How much, if any, of the interest is Tom allowed deducting on Schedule A for 2014?

Reference no: EM13885644

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