Troy’s financial records for the year reflect the following: Interest income from bank savings account………………………………. $ 900 Taxable Annuity receipts……………………………………………………………. 1,800 Safe deposit box rental (to hold annuity documents) ………………………125 Investment interest expense………………………………………………………. 3,200 Calculate Troy’s net investment income and his current investment interest deduction. Assume that Troy does not itemize his personal deductions. How is any potential excess investment interest deduction treated?
