Yes, some pass through expenses are deductible. In your example of oil & gas depletion, it is an allowed expense if you have royalty income form oil and gas properties even if it is through a pass through entity and reported on a K-1. The tax law is complicated to say the least, but investment expense is not the same a a depletion of the mineral property that was purchased as it is being extracted.
Tax software must account for various scenarios and the intricate details of the tax law so for these reasons it can and will be confusing at times. Maybe you could provide more detail about what your investment expenses consist of, but in general these expenses are not allowed for the time period indicated in the previous post. It may come back in 2026 depending on Congress. Keep in mind that investment expenses that were previously allowed to be used were only deductible to the extent they exceeded 2% of your adjusted gross income which can mean a zero deduction depending on income and total expense.
@lbeachmike
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