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Can all investment fees and expenses be deducted

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Level 7

Can all investment fees and expenses be deducted

You can deduct expenses you pay to produce, collect, manage, or maintain your taxable investment assets and income. Any such fees relating to tax-exempt income are not deductible. Some common examples are:

- Safe deposit box fees, if you use it to store taxable income-producing stocks, bonds, or investment-related papers and documents.

- IRA fees if you pay them with funds from outside of your IRA. If they are deducted from your IRA account, you cannot deduct them.

- Fees you pay for advice on investments that produce taxable income

- Fees you pay to collect taxable investment income

- Expenses to have someone keep track of your taxable investment income for you, such as your bookkeeper, accountant, or trustee.

- Depreciation on a computer to the extent that you use it in regard to your taxable investments. You must keep track of the time you use it for investments and the time you use if for other purposes and you can only depreciate your investment-use percentage.

Interest you pay on investment property should not be entered here. Enter it in the "other itemized deductions" section of the program.

More information can be found in IRS Publication 529, Miscellaneous Deductions, and in IRS Publication 550, Investment Income and Expenses.

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