Investment Information expense

Forum|Forum|1 year ago
April 1, 2025
2 replies
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Where do I deduct expenses paid for financial information (factual) on my federal return?

Bsch4477

Employee

Those costs are not a deduction on your federal return but may be on your state return if you itemize.

SharonD007

Investment expenses are no longer deductible as an itemized deduction on your federal return but may be deductible on your state return. This deduction has been suspended by the Tax Cuts and Jobs Act of 2018.

Your investment expenses can be entered as a miscellaneous itemized deduction on your Schedule A which will flow to your state return if your state doesn't conform with The Tax Cuts and Jobs Act of 2018.

Follow the instructions below:

Open TurboTax
Select Deductions & Credits
Scroll down to Other Deductions & Credits
Select Other Deductible Expenses
Select Yes to Did you have any of these less common expenses?
Enter the Description "Investment expenses" and the amount
If your state doesn't conform with Federal, you will see the deduction on your state return.

Refer to the TurboTax article Tax Tips for Investors for more information.

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Lcastell49 Author

I thought that you can still deduct investment expenses as long as they are for factual information and rather than financial advice to buy or sell a investment instrument

Mike9241

nope the deduction for all forms of investment advice (except for traders who take the deduction on schedule C) was eliminated by TCJA. It's in effect through the end of 2025 unless extended. However, some states may allow a deduction