I didn't know which forum to post this on so I am posting this question here because it has the greatest activity.
I am preparing my Federal Tax return with Turbotax and have come across the section in Form 4592 Investment Interest Expense Deduction- alternative minimum tax, where I enter my trading expenses i.e. Quote service, office supplies, investment periodicals, etc. It seems that these expenses offset interest from my bank and brokerage accounts only. My expenses were much greater than my interest received this year so I am left with a zero Net investment income. The problem is that I am showing no carry forward for the difference between the expenses I paid and the interest income I received. Are these expenses I paid lost as a deduction or am I missing something in where I have entered these deductions? Any help from anyone who is familiar with trading expense deductions is greatly appreciated.
Good trading
Cocobop
I am preparing my Federal Tax return with Turbotax and have come across the section in Form 4592 Investment Interest Expense Deduction- alternative minimum tax, where I enter my trading expenses i.e. Quote service, office supplies, investment periodicals, etc. It seems that these expenses offset interest from my bank and brokerage accounts only. My expenses were much greater than my interest received this year so I am left with a zero Net investment income. The problem is that I am showing no carry forward for the difference between the expenses I paid and the interest income I received. Are these expenses I paid lost as a deduction or am I missing something in where I have entered these deductions? Any help from anyone who is familiar with trading expense deductions is greatly appreciated.
Good trading
Cocobop
