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Investors & landlords
The official rules are in Part II—Investment Expenses Allocable to Investment Income and Modifications which shows an example of the application of itemized deductions on investment income. State and local taxes are capped at $10,000 on the federal return and that is the maximum allowed on the 8960.
Related:
Topic No. 559 Net Investment Income Tax - Internal Revenue Service
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March 29, 2022
3:33 PM