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Yes, generally, you can deduct margin interest.
To enter the interest expense:
If you borrow money to finance investments, the interest you pay is considered investment interest. Examples include:
If you have an investment interest expense, you can deduct it up to the amount of your net investment income.
However, if you're an investor who borrows money to buy investments and receives interest, dividends, capital gains, royalties, or other investment income, you could benefit by itemizing your deductions on Schedule A to be eligible for this deduction. This is particularly true if you have other types of deductions you can itemize, like personal property taxes, home mortgage interest, charitable gifts, and others.
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