Margin Interest Expense Carryover - Do I need to amend previous years to carryover?

[byeehaaw]

Hi -

I didn't realize we could input margin interest expense.  I've had margin interest expenses in 2021 and 2022 and have never put it in TT, thus never generated a 4952.  So when I realized I can input for this year, it's asking if there is any carryover from 2022.  In 2021 and 2021, I never input the margin interest expense and I also took the standard deduction.

I guess the question is, do I need go amend both 2021 and 2022 tax returns to have a form 4952 to carry over the margin interest?  I only noticed it this year since I'm going to itemize.

[Mike9241]

if the standard deduction is taken in any year any investment interest expense carryover is lost.  so you'll only get a benefit if in years you had investment interest expense carryover to next year your itemized deductions exceed your standard deduction. Then next year you also have to itemize to benefit or have a carryover.