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Submitted By: someone
Answered: April 19, 2023 4:43 am
Answered: April 19, 2023 4:43 am
Is margin interest deductible against capital gains?
Margin interest may be deductible as investment interest. It is treated as an itemized deduction, subject to a net investment income limitation. Margin interest does not offset capital gains.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
