2007-03-18 05:38:46 · 3 answers · asked by rmmata 1 in Business & Finance ➔ Taxes ➔ United States
You can deduct investment interest on line 13 of Schedule A. You will also need to fill out form 4952.
If you do not itemize your deductions then the deduction is lost, you can not adjust your gain or loss.
Form 4952 and its instructions can be found here:
http://www.irs.ustreas.gov/pub/irs-pdf/f4952.pdf
2007-03-18 06:38:20 · answer #1 · answered by Gary S 2 · 1⤊ 0⤋
Yes, you can deduct investment interest on Schedule A. The deduction is limited to the amount of the investment income, however. Do NOT take it as a reduction of your capital gains as another poster stated! That will pretty much guarantee an audit.
2007-03-18 12:49:46 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
not directly... I believe it can be deducted from your capital gains...
2007-03-18 12:46:09 · answer #3 · answered by Michael W 3 · 0⤊ 2⤋