Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: RealMuLan who wrote (279)	12/18/1997 10:25:00 AM
From: Colin Cody	Read Replies (1) of 5810

I've not actually DONE one of those elections, but my understanding is that the taxpayer/INVESTOR elects for his LONG-term (or "Medium term) gains to be taxed at "ordinary rates"... By doing so he may then use MARGIN/INVESTMENT INTEREST as an "OFFSETTING" deduction. . So I believe IF all your gains are SHORT-term, that this wouldn't be an issue... I'd suppose you'd get the Margin Interest deduction without needing the election... Maybe someone with hands-on experience will comment on this... . Colin

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