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

To: cj who wrote (376)1/3/1998 3:10:00 AM
From: T-Lo Greens  Respond to of 5810
 
I thought "investment interest" on your Schedule A applies to margin interest?



To: cj who wrote (376)1/3/1998 4:29:00 PM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
The interest allocated to the personal use debt is not deductible. The taxpayer needs to trace the debt proceeds and repayments as being personal, and then the interest thereon is not deductible.
.
If you are saying you have comingled personal debt and investment debt in the same account, then the RATIO of personal debt to investment debt would likely be used to allocate the interest.
.
Colin


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