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As it happens, I had quite a large short term capital gain which was more than enough to cover the interest deduction. I think in this case there is no need to do the alternative calculations you suggest. Even if I wanted to do it (say, for a future year) where do I make this decision? TT did not ask me, unless I missed it, and used the default option.
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You're right. In your case, for this year, you're getting the full amount of the deduction without sacrificing the benefit of the long-term nature of the capital gains.

I don't know exactly where in the Step-by-Step method with Turbo Tax you make the election - *probably* in the interest expense area where you entered the amounts. OR you might find it easier to make the entry in the Forms view, right on the 4952 worksheet.

Bill
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