{ "media_type": "text", "post_content": "How does margin interest impact taxes? Can the margin interest expense be used to offset capital gains or dividends? This year was the first time I used margin so curious about the tax impact", "post_id": "60fdc9d6fbbd9700288b1c6f", "reply_count": 6, "vote_count": 2, "bowl_id": "5acc42208c6b52001375e11e", "bowl_name": "Option Traders & Investing" }

How does margin interest impact taxes? Can the margin interest expense be used to offset capital gains or dividends? This year was the first time I used margin so curious about the tax impact

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I read somewhere that you can only deduct that as an expense if you itemize your deductions in schedule A. If you take the standard deduction in 1040, you can’t offset your gains.

Can you deduct your credit card interest on your taxes? Edit: eh F my bad, form 4592

Margin interest offsets income just like mortgage interest

It only offsets income if you itemize your deductions on Schedule A. Above poster is correct.

Thanks - is there a quick rule of thumb for when it is better to itemize? Like if my margin interest is more than my standard deduction I should itemize right?

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