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

To: Jason Rooks who wrote (1866)2/8/1999 9:27:00 PM
From: Colin Cody  Read Replies (2) | Respond to of 5810
 
Jason, An investor's investment expenses are generally deductible as itemized deductions subject, however, to the adjusted gross income floor on miscellaneous deductions.

One exception to the floor limit is deductible payments made with respect to property used in a short sale.

Investment interest, while also not subject to the floor, is deductible only to the extent of net investment income as in itemized deduction on Schedule A.

Commissions paid to brokers are capitalized and applied to reduce capital gain or increase capital loss upon the disposition of an investment position.

Colin



To: Jason Rooks who wrote (1866)2/9/1999 8:16:00 PM
From: Andy Yamaguchi  Respond to of 5810
 
RE: Reporting Margin interest loss + trading loss. Answer: You can not deduct your margin interest if your total investment is negative. But you can record the margin interest on your tax return and bring forward to the next year. If you made money in the next year, you then can deduct this margin loss next year. Good luck.


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