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Level 2
posted Feb 22, 2021 6:43:48 PM

Where to deduct brokerage management fee on 1041 trust

I am filling out a 1041 for a trust for a deceased relative (using TT Business).  All assets were held at an investment firm who charged a fee for assets under management. Where would I deduct this fee charged by the investment firm?

1 1 2037
1 Best answer
Level 12
Feb 22, 2021 6:56:46 PM

You can't deduct that fee because it's the same fee that would be paid by an individual and it's a miscellaneous itemized deduction which was eliminated by tax reform.

1 Replies
Level 12
Feb 22, 2021 6:56:46 PM

You can't deduct that fee because it's the same fee that would be paid by an individual and it's a miscellaneous itemized deduction which was eliminated by tax reform.