SNASUSA
Level 1

Can taxpayer elect to deduct different amount than total investment interest expense?? Here is scenario

Total investment Income ST capital gain152K

Total investment interest 47K

Can taxpayer elect to deduct only 30K as investment interest deduction and carryforward remaining 17K for next year??

If taxpayer can elect to deduct only 30K how do I do it on ProConnect? Where to make adjustment as software is taking full 47K as deduction and not allowing to deduct Less than 47K and pay tax on investment income. Please advise if can be done or not. Thank you.

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