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Deduct IB margin interests and fees from TurboTax?
- Thread starter ggnn2020
- Start date
Under 2percent miscellaneous deduction for the interest.
you can’t deduct the market data unless you claim trader status I believe
you can’t deduct the market data unless you claim trader status I believe
You roll up mkt data fees into any platform fee and deduct it as a misc expense but as said in the other post you can deduct only what is above 2% of AGI.
Margin int goes in 4952 as investment interest expense. The moment you deduct Margin int, this, you will be reqd to file AMT work sheet.
Search for 4952 and use the directions.
Why don't you utilize a tax pro if you have complex requirements.
Margin int goes in 4952 as investment interest expense. The moment you deduct Margin int, this, you will be reqd to file AMT work sheet.
Search for 4952 and use the directions.
Why don't you utilize a tax pro if you have complex requirements.
You roll up mkt data fees into any platform fee and deduct it as a misc expense but as said in the other post you can deduct only what is above 2% of AGI.
Margin int goes in 4952 as investment interest expense. The moment you deduct Margin int, this, you will be reqd to file AMT work sheet.
Search for 4952 and use the directions.
Why don't you utilize a tax pro if you have complex requirements.
Thanks! Are margin interests and market data fee complex requirements? I thought they were common for stock traders. The interests looks similar to mortgage interests to deduct the rental income, which is actually straightforward in TurboTax.
Tax laws are complex. If it was simple you wouldn't need to ask. Margin int has additional requirements behind it.Thanks! Are margin interests and market data fee complex requirements? I thought they were common for stock traders. The interests looks similar to mortgage interests to deduct the rental income, which is actually straightforward in TurboTax.