[[Is interest an itemized deduction in the year incured or the year paid? Can the margin interest incured in December 1998 be itemized on my 1999 taxes since it was paid in 1999? ]]As a cash basis taxpayer, you generally take your deductions when they are paid, not necessarily when they are incurred. If it was paid in 1999, you have a 1999 deduction.TMF TaxesRoy
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