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I had paid about $5000 in interest Expenses from stocks on margin, received $1900 total from Interest & ordinary dividends and had capital Gains of $161,000. Can I deduct the interest expense since its more than my standard deduction, line 36 1040 tax form? Im not sure i understand Form 4592 or whether I have to use it. Seems like they want to know how much profit was made from the interest, kinda hard to tell since my margin balance changes constantly and even sometimes daily, or disappears all together from buys & sells.
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