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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Jason Rooks who wrote (1866)2/8/1999 9:27:00 PM
From: Colin Cody  Read Replies (2) of 5810
 
Jason, An investor's investment expenses are generally deductible as itemized deductions subject, however, to the adjusted gross income floor on miscellaneous deductions.

One exception to the floor limit is deductible payments made with respect to property used in a short sale.

Investment interest, while also not subject to the floor, is deductible only to the extent of net investment income as in itemized deduction on Schedule A.

Commissions paid to brokers are capitalized and applied to reduce capital gain or increase capital loss upon the disposition of an investment position.

Colin
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