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Calling all CPAs and tax experts
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Calling all CPAs and tax experts
If I take out a loan against my brokerage account (joint-non qualified money) It's called margin? It's the first time I'm doing this.
My financial guy that is handling it tells me that the interest on the loan is tax deductible and can be used to offset any interest or gains we have in the account when we do our taxes.
Accountant says no..financial guy says he's been telling people this for years and he thinks it's right.
I'm tempted to call the IRS..I hate them with a passion so if anyone really knows this for sure I would be most appreciative.
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Posted 12/15/10 10:27 AM  |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Calling all CPAs and tax experts
margin interest is deductible as an itemized deduction but only to the extent that you have investment income. see Form 4952 and instructions
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| Posted 12/15/10 10:53 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Calling all CPAs and tax experts
Posted by Ophelia
margin interest is deductible as an itemized deduction but only to the extent that you have investment income. see Form 4952 and instructions
ah..so maybe I asked my accountant the wrong question..I have dividends and interest on the brokerage account but is that the same as income?
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| Posted 12/15/10 11:00 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Calling all CPAs and tax experts
Posted by Blu-ize
Posted by Ophelia
margin interest is deductible as an itemized deduction but only to the extent that you have investment income. see Form 4952 and instructions
ah..so maybe I asked my accountant the wrong question..I have dividends and interest on the brokerage account but is that the same as income?
yes, interest and dividends are investment income and are included as part of gross income
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| Posted 12/15/10 11:10 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Calling all CPAs and tax experts
Posted by Ophelia
Posted by Blu-ize
Posted by Ophelia
margin interest is deductible as an itemized deduction but only to the extent that you have investment income. see Form 4952 and instructions
ah..so maybe I asked my accountant the wrong question..I have dividends and interest on the brokerage account but is that the same as income?
yes, interest and dividends are investment income and are included as part of gross income
ok! then I asked the wrong question. I just left my cpa a message.
This is good. Thanks for the response! I also have losses in the account due to some reallocation. Win!-well not a win since I had losses but I chose to cut my losses....
Message edited 12/15/2010 11:15:06 AM.
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| Posted 12/15/10 11:14 AM |
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