I've filed both my Federal and Maryland state tax. Just found out that I missed 2006 margin interest on my tax return. It's about $1500. I did have a net capital gain over $1,500. How can I add the margin interest to my 2006 return? Or can I simply add that amount to my next year's return? Thanks!
You'll need to file an amended 2006 return. The margin interest is deducted on Schedule A and is limited to the amount of your investment income. You cannot carry this over to tax year 2007, you must amend your 2006 return to take the deduction.
It has to go on the year you paid the interest. You'll have to file a 1040X and amend your 2006 return to add the margin interest.
You can't just add it on to next year's return, you have to file an amended 2006 return to show it.
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