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I have a customer that borrowed against their investments. They paid back Loan/Margin Interest, is this tax deductible in any way? Where do I enter if so?
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There is a place to enter margin interest on the dividend worksheet that you get when you double click on an entry line
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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But that is only applicable if the $ was used for investment. Hence my question.
The more I know the more I don’t know.
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with limited information, I was just giving them a spot for it. Ive only seen Margin Interest shown on Consolidated 1099 from a brokerage.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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What was the money used for? The interest tracing rules require that the use of the money determines its deductibility--even if secured by investments, if you used the money to, EG, buy a car, it is personal interest and non-deductible.