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wchien2020
January 31, 2021
Question

My stock account got so much margin interesting charge, can I deduct from my stocks gain or any other income? How?

  • January 31, 2021
  • 1 reply
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My stock account got so much margin interesting charge, can I deduct from my stocks gain or any other income?
How?

1 reply

KathrynG3
KathrynG3
January 31, 2021

It depends on whether the stock was sold. Once it is sold, then the costs can be deducted. To do this in TurboTax,

  • From the Wages & Income section, scroll down to Investment Income and select Show More 
  • Stocks, Mutual Funds, Bonds, Other (1099-B) and Start
  • Follow through the rest of the interview to enter your details

For more details, see How is a capital gain or loss calculated?

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