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Where to deduct brokerage management fee on 1041 trust

Forum|Forum|5 years ago
February 23, 2021
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I am filling out a 1041 for a trust for a deceased relative (using TT Business). All assets were held at an investment firm who charged a fee for assets under management. Where would I deduct this fee charged by the investment firm?

Best answer by M-MTax

You can't deduct that fee because it's the same fee that would be paid by an individual and it's a miscellaneous itemized deduction which was eliminated by tax reform.

M-MTaxAnswer

You can't deduct that fee because it's the same fee that would be paid by an individual and it's a miscellaneous itemized deduction which was eliminated by tax reform.