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Form 1065: where to enter brokerage advisory fees?
Hi there,
I searched everywhere I can. But I was unable to find a place to enter this brokerage advisory fees.
Please help.
Thanks.
Brokerage and investment advisory fees are generally not tax-deductible on federal income tax returns for individuals from 2018 through 2025. The Tax Cuts and Jobs Act (TCJA) suspended miscellaneous itemized deductions, which previously allowed for the deduction of these fees if they exceeded 2% of adjusted gross income (AGI).
- Federal Rules: Fees for financial advice, investment management, and custodian fees for IRAs are not deductible.
- Exceptions: These fees might be deductible if they are related to a business or specialized trust, rather than personal investments.
- State Taxes: Some states may still allow a deduction for these expenses, even if federal rules do not.Pre-tax Accounts: Fees paid directly from a pre-tax account (like an IRA) are effectively paid with pre-tax money, but cannot be deducted again.
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