Investment income and deductions

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Reference no: EM131096573

Investment Income and Deductions. During 2015, Travis takes out a $40000 loan, using stock he owns as collateral. He uses $10000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $3200 interest on the loan. Travis also reports the following for the year: AGI without any investment income ($130000); State income taxes paid ($8400); Dividend income ($10000); Interest income ($2100); Investment expenses (exclusive of interest) ($8000); Net short term capital gains ($7300); Net long term capital gain ($8600). Travis is married and files a joint tax return. What is his net taxable income?

Reference no: EM131096573

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