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Get your taxes done using TurboTax
The commissions that you pay when you buy and sell stock reduce your taxable income because they are added to your cost basis and deducted from your sale price by the broker.
Most other investment-related deductions are reported as miscellaneous expenses. Here are some common deductions:
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Investment management or investment advisor’s fees (fees paid for advice on tax-exempt investments aren’t deductible)
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Legal fees involving stockholder issues
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Service charges for collecting interest and dividends
The tax laws allow you to write off certain investment-related expenses as itemized expenses on Schedule A.
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March 21, 2021
6:42 AM