Yes, margin interest will still be deductible for tax year 2018 as an itemized deduction on Schedule A. However, since the standard deduction has increased for tax year 2018 and beyond, most taxpayers will not be able to use itemized deductions.
Standard deductions for 2018
- Single - $12,000 add $1,600 if age 65 or older
- Married Filing Separately - $12,000 add $1,300 if age 65 or older
- Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
- Head of Household - $18,000 add $1,600 if age 65 or older
