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To: Y2k_fan who wrote (11878)4/13/1998 10:08:00 PM
From: kennbill  Respond to of 27968
 
Well then you had a good 1997. But don't forget that the unallowed interest is a carryforward to next year. At least make a note for 1998. Better yet, complete the 4952 and update Schedule A and keep as reference for the 1998 carryforward.



To: Y2k_fan who wrote (11878)4/13/1998 10:26:00 PM
From: Kool Guy  Read Replies (1) | Respond to of 27968
 
Yea, Bill is correct. First record the margin interest on form 4952. Any interest is deducted to the extent you have investment income, but my understanding was that if you had capital gains from investment transactions this would count as investment income for purposes of taking the deduction.

The investment interest deduction would then be deducted on line 13 of schedule A.

Kool Guy CPA, EA


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