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Investors & landlords
Yes. You can deduct certain expenses as miscellaneous itemized deductions subject to a 2% of Adjusted Gross Income threshold. On Schedule A (Form 1040), line 23, you can deduct expenses that you pay:
1. To produce or collect income that must be included in your gross income,
2. To manage, conserve, or maintain property held for producing such income, or
3. To determine, contest, pay, or claim a refund of any tax.
You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes.
How to get to that area: While inside the software and working on your return, type investment advisor fees in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to investment advisor fees. Select that to get to the general area.
May 31, 2019
9:57 PM