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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: marc chatman who wrote (998)4/12/1998 11:08:00 AM
From: Spots  Read Replies (2) of 5810
 
If all your investment income was from from securities and
derivatives (stocks, bonds, options, etc), it is not
passive for the purpose of deducting investment interest
expense (margin interest in your case). This income includes dividends, interest, and net capital gains (or losses).

You have to file 4952 which steps you through the calculations,
but the net of it is the total of cap gains/losses + interest
+ dividends limits your deduction of margin interest (losses
are negative, of course). If your margin interest is less
than or equal to this total, you can deduct it all on Sched A.
If exceeds it you can't deduct the excess, but you can carry
it forward to future years.
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