turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can my cell phone, internet bill, or cell phone bill be a deduction for investment expense?

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! 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DavidD66
Expert Alumni

Can my cell phone, internet bill, or cell phone bill be a deduction for investment expense?

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies