02-09-2007, 06:46 PM
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Taxable Interest Question
From what I've seen in this forum, I know that I should report my loss for the year on form 1040, Line 21. I take it that I should NOT include the interest that I've paid with this number, but that it should be claimed somewhere else, specifically, Schedule A, Itemized Deductions. However, I don't plan to itemize, instead taking the standard $5,150 deduction. This being the case, where do I claim the interest I've paid? It looks like form 1040 only gives me a choice of Standard or Itemized deductions. Thanks for the help.
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02-20-2007, 08:51 PM
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forex related interest expense
Investment interest expense is an itemized deduction on Schedule A. It requires interest income (Form 4952).
If you have trader tax status - business treatment - then it's business interest on Schedule C.
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