Can my cell phone, internet bill, or cell phone bill be a deduction for investment expense?
I just purchased a faster upgraded cell phone in the end of December because I do all of my trading on my phone using multiple platforms. I am a bartender and a mom and I use trading on a regular basis to supplement my income.
Can I use those as investment expenses?
Also, I use robinhood, has anyone else noticed that the gold membership charges seem to be going under margin interest? Is this incorrect or should I put the $60 under margin interest as my tax statement says, or put it under investment expense?
Thank you!
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No, you can't deduct the cost of your cell phone as an investment expense. The only investment expenses that are currently deductible (unless you are a "Trader" in the business of buying and selling securities for your own account) is investment interest.
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