turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bride3
New Member

Can i claim margin interest charged?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Can i claim margin interest charged?

Yes, you can.

Click on Federal

Click on Deductions & Credits

Scroll down to Retirement and Investments

On Investment Interest Expenses, click the Start or Revisit button

Can i claim margin interest charged?

Not unless you are able to itemize deductions.  As nearly usual, the standard deduction was raised this year so many tax payers end up using the standard deduction because they don't have enough itemized deductions.   If you are able to itemize then margin interest is only deductible up to the net income amount.

 

https://www.irs.gov/publications/p550#en_US_2021_publink100010224

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies