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

To: Dell-icious who wrote (1002)4/12/1998 6:19:00 PM
From: Spots  Respond to of 5810
 
Yes, it includes income from "all property held for investment"
which specifically includes interest on deposits (brokerage/
bank accounts, CDs, etc), as well as bonds.

Some real estate contracts can result in passive investments,
and goodness knows what else, but someone besides me will have
to talk about that. Interest bearing securities and interest
from cash balances in bank and brokerage
accounts are definitely included, though.



To: Dell-icious who wrote (1002)4/15/1998 2:22:00 PM
From: Jaroslav Skrenek  Read Replies (1) | Respond to of 5810
 
Anybody knows if you can deduct margin interest WITHOUT itemizing (using standard deductions)? I ask myself this question every year. If one pays taxes on interest in the investment account, shouldn't one be able to deduct the expenses?? Thank you for any feedback.


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