Skip to main content
March 16, 2020
Question

Are investment account fees deductible on 1040?

  • March 16, 2020
  • 2 replies
  • 0 views
These are for a non-IRA brokerage account.

2 replies

March 16, 2020

In terms of regular 1040, investment acct fees are no longer deductible.   A few year prior they used to be if you had enough "miscellaneous" deductions that exceeded 2% of AGI, but as of 2018 new tax law took them away, so you are out of luck.

 

I did see that you are using self employed turbo tax.   If you can comfortably say that these expenses were related to your business, you could deduct them on your schedule C.   Only you will know if that is a reasonable and defensible position.   You could probably deduct on Sch C things like tax preparation fees, or interest or expenses on a business related bank account.   But if the investments are strictly personal, then probably not.

March 16, 2020

No, not since 2018.  But some states like New York allows investment fees to be deducted when itemizing state deduction.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"