Investment interest is deductible on schedule A line 9 up to the amount of any interest income reported on 1040 line 2b. The interest earned does have to be in conjunction with the investment expense. Excess investment interest is carried forward. I don't think you can take deduct interest paid on investments on top of the standard deduction. Also, if you do not file taxes, you will lose ability to carry forward any remaining investment interest to 2024 and beyond.
