Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How can I claim margin interest with itemized deduction?

survive8
Level 2

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.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
itonewbie
Level 15

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

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post

0 Cheers
1 Comment 1
itonewbie
Level 15

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

---------------------------------------------------------------------------------
Still an AllStar
0 Cheers