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CyrusAsh
April 7, 2025
Question

Where can I deduct the interest i paid to the broker to reduce my capital gains in turbo tax?

  • April 7, 2025
  • 1 reply
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    DavidD66
    April 7, 2025

    That would be investment interest.  To enter it in TurboTax Online, while logged in to your return:

     

    • Click on Search
    • Type in "Investment expenses"
    • Click on "Jump to investment expenses"
    • Your landing page will be "Investment Interest"
    • Answer Yes
    • Enter your 2024 Investment Interest Expenses, as well as any 2023 investment interest carryovers.

    Note - it doesn't reduce your capital gains.  It is an itemized deduction, so you have to itemize in order to take advantage of the Investment Interest Deduction.  It is also limited to the amount of net invest income you have. 

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