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DO I DOANYTHING WITH LOAN/MARGIN INTEREST REPORTED ON INVESTMENT INCOME?

eaglecher
Level 1

I FOUND THIS INTEREST ON THE STATEMENTS FROM EDWARD R JONES. I NEED TO KNOW IF AND HOW I REPORT IT.

THANK YOU,

CHER

 

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BobKamman
Level 13

Deductible investment interest must be paid on a loan used to buy or hold investments that produce taxable income.  Or something like that.  

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sjrcpa
Level 15

What did the client do with the money they borrowed on margin?

If they invested it, enter as investment interest.

If they used it for personal  purposes, don't enter it anywhere.


ex-AllStar
PATAX
Level 9

👍sjr

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BobKamman
Level 13

Deductible investment interest must be paid on a loan used to buy or hold investments that produce taxable income.  Or something like that.  

View solution in original post

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