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I incurred fees and admin. expenses from transfering my IRA portfolio to a new administrator. Are these expenses considered as tax deductible business expenses?

Forum|Forum|7 years ago
June 4, 2019
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Best answer by nurre-shelton-gmail-com

Thanks, that answers my question.

Carl11_2

Employee

Only if the fees were NOT paid from the tax deferred IRA itself. Those fees would need to be paid with TAXABLE income, in order to be deductible. Traditionally transfer fees are taken from the tax-deferred amount, meaning you have nothing to claim.

N

nurre-shelton-gmail-comAuthor

Thanks!

N

nurre-shelton-gmail-comAuthorAnswer

Thanks, that answers my question.

M

MinhT1

If these expenses were paid by you (and not deducted from your IRA account), they can be deducted as investment expenses in Itemized deductions.

They are not deductible as business expenses.

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N

nurre-shelton-gmail-comAuthor

Thank you, that answers my question.

I incurred fees and admin. expenses from transfering my IRA portfolio to a new administrator. Are these expenses considered as tax deductible business expenses?

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