If you are subject to investment income tax of 3.8%, and are allowed to deduct investment expenses like investor advisor fees, investment interest, where do you enter?
If you are subject to investment income tax of 3.8%, and are allowed to deduct investment expenses like investor advisor fees, investment interest, where do you enter?
Investor advisor fees are not deductible on your federal return, unless you are a trader reporting your trading activity on Schedule C as self-employment income. Interest expense is dedutible as an itemized deduction on Schedule A. To enter it, while in your return:
Click on Tax Tools on left hand side of page
Click on Tools
Click on Topic Search
Type in "Investment Interest"
Answer Yes to Do you have 2024 Investment Interest expenses or 2023 carryovers?
Enter descriptions and amounts
If your state allows a deduction for Investment Advisor Expenses, repeat the steps above, but enter "Investment Advisor Expenses"
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