I know margin interest is only deductible up to the amount of net invesment income I've received. Does that mean if I have $10k in short term capital gains and $10k in short term capital losses for a given year--IOW, no overall net gain--that I can't deduct margin interest? Thanks in advance.
Answers:
In your example, you would have $0.00 in net investment income. Therefore, your investment (ie margin) interest deduction would be limited to $0.00. It gets carried foward to future year though.
Did you happen to earn any interest or dividends on investments? That would also be part of your net investment income.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...
Will I get a fair tax refund after filing the IRS Injured Spouse Allocation Form?
Are all treasury notes double tax free(Federal & State). thank you?
Are the English people good milking cows to Bp & their government,blind & deaf?
I want to get into the Stock Market but I'm Mexican at Mexico (and here taxes for that are huge). Any ideas?
Is it mandatory to fill the columns for Quarter details in the new form-16A?
I need to file back tax returns for 3 years worth, help!?
I have filed an extension for my 2006 tax return. Can I still contribute for the IRA ?
If i give £50 to charity, how much do the charity get,?
How can i bring more than 10000$ to us by immigrant visa ?