I received a 1099-MISC from a brokerage firm for "goodwill" cash paid when transferring funds and opening a new account. The 1099-MISC include payments for "termination fees" incurred when closing accounts and transferring funds to new brokerage. What is the best way to report "termination fees" as expenses in order to adjust the amount of goodwill cash received? TT instructs me to report the 1099-MISC as a business in order to report the expenses against it.Not sure if that is appropriate given that the income was not related to work performed? Any suggestion on how best to deduct termination fees?
