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Author: watra Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121335  
Subject: Investment Interest (Form 4952) Questions Date: 1/23/2002 11:28 PM
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1. Is interest paid on the amount borrowed on a credit card AND used for investing, (for eg, to purchase stocks) deductible? What is the documentation required to be submitted? to be archived?

2. If the 4952 shows current deduction of 0 (net loss) and deductions are standard rather than itemised for the year, does the entire Investment Interest still carry forward to the next year?

Thanks in advance.
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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57590 of 121335
Subject: Re: Investment Interest (Form 4952) Questions Date: 1/25/2002 7:05 AM
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1. Is interest paid on the amount borrowed on a credit card AND used for investing, (for eg, to purchase stocks) deductible? What is the documentation required to be submitted? to be archived?
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yes - keep copies of the cc statements that show a direct trace of the proceeds to the purchase of the investments.

. If the 4952 shows current deduction of 0 (net loss) and deductions are standard rather than itemised for the year, does the entire Investment Interest still carry forward to the next year?
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Yes

dont forget that investment interest can offset interest income also.


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