Margin interest expense is only allowed upto net investment income. In other words, if your net investment income is 1,000 and your margin interest expense is 4,000, you may deduct only 1,000 against your net investment income. The rest of the margin interest is carried forward to 2023. Deferred wash sale losses are something completed different. Because wash sales are disallowed, you may defer the amount of the investor's loss by adding it to the cost basis until a later date when the replacement ivestment is eventually sold off.
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