Where do I deduct 'Proceeds Investment Expenses' that appear on my Consolidated Tax from for my 'SPDR Gold Tr' shares?

Forum|Forum|3 years ago
February 15, 2023
1 reply
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I held the 'SPDR Gold Tr' shares all year with no transactions. My Consolidated tax form shows 'Proceeds Investment Expenses' for them totaling negative $36.81. Is this an expense that I can deduct somewhere - if so, where? OR, since it states that it's a negative expense, does that make it an income? Where do I enter this negative number in IRS forms? Thanks!

TurboTax Online

Best answer by MinhT1

This negative number is an expense.

This investment expense used to be deductible as an itemized deduction subject to the threshold of 2% of AGI.

However, this deduction has been suspended by the Tax Cuts and Jobs Act of 2018.

Therefore, this expense is no longer deductible,

MinhT1Answer

This negative number is an expense.

This investment expense used to be deductible as an itemized deduction subject to the threshold of 2% of AGI.

However, this deduction has been suspended by the Tax Cuts and Jobs Act of 2018.

Therefore, this expense is no longer deductible,

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lbeachmike

Are you absolutely positive about this? I have this for Grayscale Bitcoin Trust. Mine is also shown as a negative number. It appears that it would be entered inside TurboTax in the Investment Expenses screen, after the Investment Interest Expense (Margin Interest) screen. When entered there, it populates in the 4952 Worksheet and has a tax impact. Are you saying it should not be entered here?

It appears to be applicable based on the info under Learn More.

DianeW777

Yes, that is correct as stated by @MinhT1. For tax years 2018 to 2025, "miscellaneous itemized deductions" have been eliminated. Prior to the Tax Cuts and Jobs Act of 2017 (TCJA), taxpayers were allowed to deduct expenses such as fees for investment advice, IRA custodial fees, and accounting costs necessary to produce or collect taxable income.