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yankees
March 2, 2025
Question

Can I deduct advisor fees on my New York return?

  • March 2, 2025
  • 1 reply
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Can I deduct advisor fees on my new york return

 

    1 reply

    S
    SabrinaD2
    March 2, 2025

    In general, you cannot deduct personal investment advisory fees on your New York State tax return. However, there are exceptions:

     

    Exceptions

    1. Business-Related Fees: If the fees are related to a business, they may be deductible as ordinary and necessary business expenses
    2. Rental Property: Fees related to managing rental property may also be deductible

    For more detailed information on what you can deduct in New Yor for 2024 you can refer to the New York State Department of Taxation and Finance

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