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M
meilinyu-cpa
Level 3
April 15, 2021
Solved

Is the Investment Expenses in Part II of Form 8960 limited to what's deductible on Schedule A?

  • April 15, 2021
  • 1 reply
  • 12 views
That is, only maximum of $10,000 can be offset to Total Investment Income for the Tax Computation of Net Invement Income Tax?  Also, there's no deduction against the Total Investment Income because it is no longer deductible as Misc Itemized Deduction, right?
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Best answer by sjrcpa

Yes to both questions.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
April 15, 2021

Yes to both questions.

The more I know the more I don’t know.
M
meilinyu-cpaAuthor
Level 3
April 15, 2021

Thank you.  I see that I can also deduct Foreign income tax not claimed as foreign tax credit.  Do you know how I can input the foreign tax paid in Proconnect so it gets added to Investment Expenses Allocable to Investment Income?  

sjrcpa
sjrcpa
Level 15
April 15, 2021

It's still part of the $10K limit so I don't think it matters.

The more I know the more I don’t know.
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