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Are investment advisory fees deductible for Virginia State income taxes for 2018 tax year?

Forum|Forum|7 years ago
June 6, 2019
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Best answer by KatrinaB48

The Tax Cuts and Jobs Act eliminated the deduction for investment expenses in 2018. Fees for investment costs that exceeded 2 percent of your adjusted gross income were deductible as a miscellaneous deduction in 2017. The federal itemized deductions carry over to the State return. Virginia follows the same rules as the IRS for itemized deductions. You can claim the same deductions for Virginia purposes that you claimed on your federal Schedule A, except for the deduction for state and local income taxes. Therefore, you will not be eligible to deduct your investment advisory expenses on your Virginia return.

Please view the Virginia link below for more information.

https://tax.virginia.gov/deductions

K

KatrinaB48Answer

The Tax Cuts and Jobs Act eliminated the deduction for investment expenses in 2018. Fees for investment costs that exceeded 2 percent of your adjusted gross income were deductible as a miscellaneous deduction in 2017. The federal itemized deductions carry over to the State return. Virginia follows the same rules as the IRS for itemized deductions. You can claim the same deductions for Virginia purposes that you claimed on your federal Schedule A, except for the deduction for state and local income taxes. Therefore, you will not be eligible to deduct your investment advisory expenses on your Virginia return.

Please view the Virginia link below for more information.

https://tax.virginia.gov/deductions

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