Q1. Isaiah an NBA point guard, is advised by his physician to install a Jacuzzi in his residence since he is afflicted with a back problem incurred after years of running up and down the court. The cost of installing the Jacuzzi is $6,500. He installs the Jacuzzi in January of 2017, and it increases the value of his residence by $3,500. Disregarding the limitation based on adjusted gross income, how much of the cost of the Jacuzzi may Isaiah take into account in determining his medical expense deduction for 2017?
Q2. For the year ended December 31, 2017, Terrance, a single professional, reported the following:
Net investment income from interest, $14,000
Other expenses unrelated to the generation of interest, $6,000
Investment interest expense on funds borrowed in 2016 to purchase stocks and bonds, $15,000
What is the maximum amount that Terrance can deduct in 2017 as investment interest expense?