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Old 04-15-2004, 06:17 AM
Arthur L. Rubin
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Default Re: High margin interest and losses. What to do?

TraderT wrote:

- quote -

> I have $8000.00 dollars in margin interest this year and
> $20,000 in losses. Turbo Tax has not given me any deduction
> for the margin interest. I assume this is because there's no
> gain to put the margin interest against. Can I enter it on
> my sch. A as interest? I have $9421.00 without the margin
> interest so far on my Sch A. If I can use it on Sch A, where
> do I put it? If not on Sch A then will turbo Tax
> automatically carry it over to next year, or do I need to do
> it manually? or maybe I just lost it like the rest of my
> saving. not a good year.


It should carry over to next year on form 4952. See if that
one was filed or processed.

We can't answer Turbo Tax questions here, but there is
a legitimate tax question, as well.

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Old 04-15-2004, 05:38 AM
Phil Marti
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Posts: n/a
Default Re: High margin interest and losses. What to do?

TraderT[at]starband.net (TraderT) writes:

- quote -

> I have $8000.00 dollars in margin interest this year and
> $20,000 in losses. Turbo Tax has not given me any deduction
> for the margin interest. I assume this is because there's no
> gain to put the margin interest against. Can I enter it on
> my sch. A as interest?


No. See if TT is preparing Form 4952.

Phil Marti
Topeka, KS

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  #-1  
Old 04-14-2004, 08:41 AM
TraderT
Guest
 
Posts: n/a
Default High margin interest and losses. What to do?

I have $8000.00 dollars in margin interest this year and
$20,000 in losses. Turbo Tax has not given me any deduction
for the margin interest. I assume this is because there's no
gain to put the margin interest against. Can I enter it on
my sch. A as interest? I have $9421.00 without the margin
interest so far on my Sch A. If I can use it on Sch A, where
do I put it? If not on Sch A then will turbo Tax
automatically carry it over to next year, or do I need to do
it manually? or maybe I just lost it like the rest of my
saving. not a good year.

Thanks for any help.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

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high, interest, losses, margin
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