I'm married filing jointly. I have 3k interest income, 100k short term capital gain, and 100k foreign earned income which qualifies as foreign earned income exclusion. My itemized deduction should be >standard deduction 24000 (10k state tax and 20k margin interest expense). However, the schedule A never include my 20k margin interest deduction. It only counts 10k state tax deduction. As a result, it default to standard deduction, even though I choose to "force use itemized deduction". Is there any methods that I could claim the margin interest in schedule A? Thanks in advance.
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
This forum is only for professional tax practitioners. You may like to post your question on TurboTax Xchange or consult a paid tax professional: https://ttlc.intuit.com/browse/welcome-to-the-community
This forum is only for professional tax practitioners. You may like to post your question on TurboTax Xchange or consult a paid tax professional: https://ttlc.intuit.com/browse/welcome-to-the-community
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.