@DaveF1006
Thank you again.
Margin expenses would be considered interest expenses, correct? My understanding for the 4 statements you made is as follows- Could you confirm/ refute (Bolded my responses just to draw your attention)?
- The 1099 MiSC is the correct and only form to use to report substitute payments. This is reported as other income on your 1040. Agreed
- You would pay the applicable federal and state taxes on other income and no SE/ NIIT/ Medicare taxes since this is not earned income. Thank you for clarifying this.
- Since investment expenses are no longer deductible for federal income tax purposes, it cannot be carried forward to be used in future years to offset income. Is this true for interest expenses such as margin interest: Turbotax allows me to carry forward unused interest expense if I use itemized deduction I thought? or is margin expense not considered interest expense?
- Regardless, whether you itemize or claim the standard deduction, you cannot carry forward any unused investment expenses. Is this true for interest expenses such as margin interest: Turbotax allows me to carry forward unused interest expense if I use itemized deduction I thought? or is margin expense not considered interest expense?
Hopefully, this would help me (and other users with similar questions) best use turbotax. Thank you!
