"joetaxpayer" <joetaxpayer[at]nospam.com> wrote:

- quote -

There is an election to be made.
No clue how to do it in turbotax.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Over the years, I've accumulated Investment Interest (margin
interest) that has been carried forward for some time. The
crash of 2000-2 gave me losses that I took (both by carrying
the capital losses forward and taking $3K/year or selling at
a loss during the tax year) until my '05 return.

2006 was kind to me, but for my return, I have only long
term gains, no carried losses, and the old margin interest.

I see that the form (4952) does not use up the margin
interest on long term gains, I trust you are permitted to
choose whether you wish to take that interest or 'save' it
for short term gains in a future return. Where/how do I
indicate I'd like to use this now? I can see how much I'd
save by using up this deduction, by flipping the long term
stock sales to short, but I don't imagine that's correct. Am
I missing a check box on another form? (Using TurboTax for
what it's worth)

JOE

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >