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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: RealMuLan who wrote (157)10/29/1997 11:37:00 PM
From: Nasty P  Read Replies (2) of 5810
 
Yiwu,

I would cautiously say that you can most likely deduct both. However, it will still be subject to Form 4952 limitations unless you can file as a trader.

My reference source says that IRS considers credit card interest as personal interest but your scenario sounds like you should be OK. Also, to avoid problems in the future, incorporate yourself and conduct all investing activities through your S-Corp, then credit card interest will be deductible no matter how you use it.

If you have a CPA preparing your 1040, have him check on credit card stuff just to make sure.

NP
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