I took a loan to buy shares in an LLC. Is the interest I paid on this considered to be interest on margin investment

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It is considered investment interest expense, similar to margin interest. Generally, your deduction for investment interest expense is limited to your net investment income. You can carry over the amount of investment interest you could not deduct because of this limit to the next tax year. The interest carried over is treated as investment interest paid or accrued in that next year.

To record your investment interest expense use the following steps.

1. Sign into your Turbo Tax account (online or desktop)

2. Use the search box in the upper right

3. Search for investment interest expenses

4. Jump to investment interest expenses

5. Continue to follow the screens and make your entry.