Unfortunately, these fees can no longer be deducted. These fees are deducted from the dividends received. The ADR fees allow one to buy foreign stocks with US dollars and to receive dividends in US dollars. They are an investment expense, not an investment advisor fee. Investment advisor fees are still deductible in some states such as California, but ADR is not an investment advisor fee.
These expenses are no longer deductible on Schedule A as in the past. This may change in 2026 when the law expires.
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