eaglecher
Level 1
03-23-2021
07:42 PM
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I FOUND THIS INTEREST ON THE STATEMENTS FROM EDWARD R JONES. I NEED TO KNOW IF AND HOW I REPORT IT.
THANK YOU,
CHER
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sjrcpa
Level 15
03-23-2021
07:59 PM
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What did the client do with the money they borrowed on margin?
If they invested it, enter as investment interest.
If they used it for personal purposes, don't enter it anywhere.
The more I know the more I don’t know.
PATAX
Level 15
03-23-2021
08:08 PM
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👍sjr
BobKamman
Level 15
03-24-2021
02:06 AM
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Deductible investment interest must be paid on a loan used to buy or hold investments that produce taxable income. Or something like that.
