Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
thefalconry
New Member

I purchased during 2017 class A shares in the company I work for. The company gave me a loan to purchase the shares. May I deduct the interest on this note receivable?

 
1 Best answer

Accepted Solutions
ToddL
New Member

I purchased during 2017 class A shares in the company I work for. The company gave me a loan to purchase the shares. May I deduct the interest on this note receivable?

Yes, you can deduct the interest expense on a loan used to purchase stock.

To enter your investment interest expense in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab 
  2. Next click on “Deductions & Credits” 
  3. Next click on "jump to full list" or “I’ll choose what I work on” 
  4. Scroll down the screen until to come to the section “Retirement and Investments”
  5. Choose "show more", then Investment Interest Expenses and follow the onscreen instructions

View solution in original post

1 Reply
ToddL
New Member

I purchased during 2017 class A shares in the company I work for. The company gave me a loan to purchase the shares. May I deduct the interest on this note receivable?

Yes, you can deduct the interest expense on a loan used to purchase stock.

To enter your investment interest expense in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab 
  2. Next click on “Deductions & Credits” 
  3. Next click on "jump to full list" or “I’ll choose what I work on” 
  4. Scroll down the screen until to come to the section “Retirement and Investments”
  5. Choose "show more", then Investment Interest Expenses and follow the onscreen instructions

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v