Are fees paid when brokerage accounts were closed deductible? IRS regulations - no deduction of investment expenses; CA allows it. Does it need to be >2.5% MAGI?

posted

Connect with an expert

2 Replies

Are fees paid when brokerage accounts were closed deductible? IRS regulations - no deduction of investment expenses; CA allows it. Does it need to be >2.5% MAGI?

Correct. No federal deduction and miscellaneous deduction for CA subject to 2% AGI limitation.

Are fees paid when brokerage accounts were closed deductible? IRS regulations - no deduction of investment expenses; CA allows it. Does it need to be >2.5% MAGI?

Got it. Thank you!

Still have questions?