The net investment income does play a roll in the amount of investment interest expense you can deduct, but the overall itemize deductions must be higher than your standard deduction or they are not used at all. It would seem your standard deduction is higher so that is what is used.
Be sure you complete Form 4952 and answer all the questions in the screens.
- Deductions & Credits > Retirement and Investments > Investment Interest Expenses > Start or Update > Continue
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