I've filed both my Federal and Maryland state tax. Just found out that I missed 2006 margin interest on my tax return. It's about $1500. I did have a net capital gain over $1,500. How can I add the margin interest to my 2006 return? Or can I simply add that amount to my next year's return? Thanks!
2007-03-22 08:12:33 · 3 answers · asked by Rainbow 1 in Business & Finance ➔ Taxes ➔ United States
You'll need to file an amended 2006 return. The margin interest is deducted on Schedule A and is limited to the amount of your investment income. You cannot carry this over to tax year 2007, you must amend your 2006 return to take the deduction.
2007-03-22 08:28:47 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You can't just add it on to next year's return, you have to file an amended 2006 return to show it.
2007-03-22 09:45:25 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
It has to go on the year you paid the interest. You'll have to file a 1040X and amend your 2006 return to add the margin interest.
2007-03-22 08:31:04 · answer #3 · answered by Jo Blo 6 · 2⤊ 1⤋