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Investment Interest Expense Deduction
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SNASUSA
Level 1
05-21-2025
08:27 PM
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Can taxpayer elect to deduct different amount than total investment interest expense?? Here is scenario
Total investment Income ST capital gain152K
Total investment interest 47K
Can taxpayer elect to deduct only 30K as investment interest deduction and carryforward remaining 17K for next year??
If taxpayer can elect to deduct only 30K how do I do it on ProConnect? Where to make adjustment as software is taking full 47K as deduction and not allowing to deduct Less than 47K and pay tax on investment income. Please advise if can be done or not. Thank you.
1 Comment 1
PhoebeRoberts
Level 11
05-22-2025
10:11 AM
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Because 4e (per the 4952 instructions) only includes net long-term gains, you can't elect a specific amount on 4g. The election on 4g is the only way to affect how much investment interest expense frees up in a given year.
