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Get your taxes done using TurboTax
You can deduct margin interest from your taxes by itemizing your deductions and subtracting margin interest costs from your net investment income You can never deduct more than your investments earned in any given year. So in answer to your two questions is as follows; 1- Only if you itemize, then you would be allowed to take margin interest as an expense and 2- Only the margin expense upto the amount from the Substitute payment in lieu of dividend would be allowed. Any excess amount will "NOT" be allowed to be carried forward.
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March 14, 2023
11:38 AM