topic Will margin interest be deductible in 2018 in Deductions & credits

Will margin interest be deductible in 2018

user367468435 — Tue, 04 Jun 2019 23:37:14 GMT

Yes, margin interest will still be deductible for tax yea...

DoninGA — Tue, 04 Jun 2019 23:37:16 GMT

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

As in the past, such interest is deductible up to the amo...

SweetieJean — Tue, 04 Jun 2019 23:37:17 GMT

As in the past, such interest is deductible up to the amount of taxable investment income reported (and, in this case, investment income does not include any capital gains or qualifying dividends that enjoy favorable tax treatment).