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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Investment Interest Expense deduction
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Catmom
Level 3
03-13-2021
07:27 PM
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Client has investment interest and investment income. Almost all of the income is qualified dividends and long-term capital gain. If I take the election to treat the income as investment income, it should disqualify it from capital gain treatment. ProSeries is allowing the investment interest deduction, and it's still calculating the tax as if all the investment income is eligible for capital gain treatment. Is there a software bug, or did I miss some new tax law change on this?
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