Interest is the only deductible investment expense in 2021. Investment fees, custodial fees, trust administration fees, and other expenses (PC expenses) you paid for managing your investments that produce taxable income are miscellaneous itemized deductions and are no longer deductible.
The IRS allows certain taxpayers to take a tax deduction for the interest expense on some loans using Form 4952. However, the tax ramifications of investment interest can be complicated, as the IRS only allows a deduction for certain types of investment interest. Additionally, the Alternative Minimum Tax (AMT) could completely disallow the use of your investment interest deduction.
See Pub 529 for more details.
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