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Technology Stocks : Cymer (CYMI)
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To: Arvinder Malhotra who wrote (16502)4/14/1998 3:04:00 AM
From: Elroy Jetson  Read Replies (2) of 25960
 
That is correct. You can deduct Margin Interest which exceeds investment income, including Interest and Dividends from Schedule B, as calculated on Form 4952. The balance is carried forward to the next year.

The Margin Interest, whether deducted this year or carried forward to future years, can ONLY be deducted on a Schedule A. If you take a Standard Deduction because it's larger than your Schedule A, the Margin Interest is not deductible.

The entry on Schedule D line 21 is NOT for deducting Margin Interest. This section of the Schedule D alters the tax rate on your investment income by the Capital Gains Rate as adjusted by your total income level. The Margin Interest entered here appears to reduce your tax rate if your total income is less than $41,200 or $24,650 if single.
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