I have capital gains and I paid margin on stock sales in the same fidelity account. When I import my 1099-MISC, margin interest paid is not deducted from total gain.

kapilgoyal — Sat, 01 Jun 2019 07:43:17 GMT

I have capital gains. I also paid margin interest when I borrowed money from Fidelity in the same account. However, when I import 1099-MISC/B, the margin interest is not deducted from total capital gain.

What am I missing?

Margin interest is not deducted from capital gains genera...

Anita01 — Sat, 01 Jun 2019 07:43:18 GMT

Margin interest is not deducted from capital gains generated in the account. It's an itemized deduction and can only be deducted if your total itemized personal deductions exceed your standard deduction.

Another limitation on this deduction would be the fact that it can only be deducted up to the amount of investment income you have, that is taxed at ordinary income rates, not lower capital gains rates.

You may be able to adjust your investment expenses upward for this interest if you complete the AMT interview under other Tax Situations.

topic I have capital gains and I paid margin on stock sales in the same fidelity account. When I import my 1099-MISC, margin interest paid is not deducted from total gain. in Investors & landlords

I have capital gains and I paid margin on stock sales in the same fidelity account. When I import my 1099-MISC, margin interest paid is not deducted from total gain.

Margin interest is not deducted from capital gains genera...