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Reading through a post the other day on another board, someone was claiming that you can deduct margin interest. Is this true?

My sitaution: If I sold some stock in '98 for a loss but also sold another stock for a gain, could I deduct the margin interest that accumulated in the account? I will be about even for the year in my gians/losses. My losses may even out run my gains sold for '98.

How does the IRS view margin interest and how do they track exactly which asset is margined? How could track it?

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