During the current year, Harry earned investment income of $18,500. In addition, he incurred investment interest expense of $15,500 and other investment expenses of $9,000. Harry may deduct $9,500 of investment interest expense this year and carry forward $6,000 to future years.
Answer the following statement true (T) or false (F)
True
Rationale: Harry’s investment interest deduction is $9,500 ($18,500 investment income – $9,000 other investment expenses) this year. The portion of investment interest not deducted currently ($6,000) is carried forward to future years.
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