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New Member
posted Apr 7, 2025 11:18:39 AM

Where can I deduct the interest i paid to the broker to reduce my capital gains in turbo tax?

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1 Replies
Expert Alumni
Apr 7, 2025 12:28:44 PM

That would be investment interest.  To enter it in TurboTax Online, while logged in to your return:

 

  • Click on Search
  • Type in "Investment expenses"
  • Click on "Jump to investment expenses"
  • Your landing page will be "Investment Interest"
  • Answer Yes
  • Enter your 2024 Investment Interest Expenses, as well as any 2023 investment interest carryovers.

Note - it doesn't reduce your capital gains.  It is an itemized deduction, so you have to itemize in order to take advantage of the Investment Interest Deduction.  It is also limited to the amount of net invest income you have.