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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (274)12/18/1997 1:50:00 AM
From: Colin Cody  Read Replies (3) | Respond to of 5810
 
I believe Richard was asking about a rule available ONLY to INVESTORS that allows Margin Interest to be used to the extent of GAINS that are NOT taxed (via the election) at the preferential long-term rates.
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A TRADER does not have "margin interest" per se. A TRADER has BUSINESS INTEREST, which is a deductible item on Schedule C, line 16b, same as would a DEALER...
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Colin



To: Box-By-The-Riviera™ who wrote (274)12/18/1997 5:38:00 AM
From: Richard Nehrboss  Respond to of 5810
 
I understand the trader status thing, and am not seeking that. I'm looking at a 4952 though and Part II 4.c lists your capital gain and 4e lists any that you elect to include as investment income. To me this let's you treat capital gain as ordinary income, thereby using it as an offset for investment interest expense.

Isn't this right?

Richard


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