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: peter lo who wrote (2070)	3/24/1999 7:42:00 PM
From: Colin Cody	Read Replies (3) of 5810

Peter, "Is the margin interest from my stock margin account tax deductible?" SURE, MOST IS... DEPENDING... Where(which form) can I deduct the margin interest? IF YOU ARE AN INVESTOR, USED THE MARGIN LOAN PROCEEDS TO ACQUIRE FULLY TAXABLE INVESTMENTS (e.g. not to buy tax free bonds) THEN IT GOES ON SCH. A, LINE 13. IF YOU ARE A TRADER THEN GENERALLY IT IS DEDUCTIBLE ON SCH C., LINE 16 Can margin interest be treated as the real estate loan interest?" SURE, IF THE LOAN PROCEEDS WHERE USED TO ACQUIRE THE REAL ESTATE. NOT SURE WHAT YOU MEANT BY "THE" REAL ESTATE LOAN INTEREST. IF YOU MEAN, BY CHANCE, THE HOME OWNER INTEREST DEDCUTION, THE ANSWER IS "NO". Colin

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