I have paid several thousand dollars for charting program expenses and for market news letters this year. Are these deductible expenses and if so, how do I enter them into my TurboTax Premier program? My market profits greatly exceed these expenses.
Thanks
Txcolonel
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Those expenses are not deductible unless you are a professional trader.
After tax reform the only investment expense that is deductible is interest you paid on money that you borrowed to invest elsewhere, and only up to the amount of income produced. Other fees are no longer deductible.
Can you clarify how one is classified as a professional trader/investor?
To be considered a trader, you must meet all of the following conditions:
Guys, I'm new to stock trading. What literature or courses would you recommend to me?
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