Over the years, I've accumulated Investment Interest (margin interest) that has been carried forward for some time. The crash of 2000-2 gave me losses that I took (both by carrying the capital losses forward and taking $3K/year or selling at a loss during the tax year) until my '05 return.
2006 was kind to me, but for my return, I have only long term gains, no carried losses, and the old margin interest. I see that the form (4952) does not use up the margin interest on long term gains, I trust you are permitted to choose whether you wish to take that interest or 'save' it for short term gains in a future return. Where/how do I indicate I'd like to use this now? I can see how much I'd save by using up this deduction, by flipping the long term stock sales to short, but I don't imagine that's correct. Am I missing a check box on another form? (Using TurboTax for what it's worth) JOE
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