Do brokerages report to the IRS what you paid in margin interest? In other words, can investment interest deducted on your tax returns be traced back/matched to a 1099?
Yes, you will receive a 1099 INT and the corresponding information the IRS needs in form of 1099 DIV, 1099 B, K1s.
Total interest deducted cannot exceed the profits generated by the investments.
Want to reply to this thread or ask your own question?
You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.