|
Posted by Benjamin Yazersky CPA on March 26, 2007, 11:54 am
Please log in for more thread options
> Over the years, I've accumulated Investment Interest (margin
> interest) that has been carried forward for some time. The
> crash of 2000-2 gave me losses that I took (both by carrying
> the capital losses forward and taking $3K/year or selling at
> a loss during the tax year) until my '05 return.
>
> 2006 was kind to me, but for my return, I have only long
> term gains, no carried losses, and the old margin interest.
>
> I see that the form (4952) does not use up the margin
> interest on long term gains, I trust you are permitted to
> choose whether you wish to take that interest or 'save' it
> for short term gains in a future return. Where/how do I
> indicate I'd like to use this now? I can see how much I'd
> save by using up this deduction, by flipping the long term
> stock sales to short, but I don't imagine that's correct. Am
> I missing a check box on another form? (Using TurboTax for
> what it's worth)
There is an election to be made.
No clue how to do it in turbotax.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap