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I read through the FAQs. I have a clearer understanding but boy are the rules complicated. I will get the publication from the IRs site and have a great read.
My question concerns margin interest. It appears that this is dedcutible if presented on the proper form and doesn't exceed investment income. Here is my situation.
In anticipation of receiving a rather large check I purchased some shares on margin. after about two months (Damn!) wait I received my check and sent it to the broker. I sold off enough of the shares (they went up) to cover the purchase plus the margin interest. I am assuming that the margin interest will end up somewhere as a deduction on the 2000 return. Are the shares that I retained as the profit from my transaction a capital gain if I just hold them and don't realize a cash profit? Thanks for your assistance. certainly I could have found this same question somewhere in the board but 45,000 posts. Jeez!
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