No. Unfortunately, investment expenses cannot be deducted on your return. They were eliminated with 2018 Tax Cuts and Jobs Act (TCJA).
Fees for investment costs were deductible as a miscellaneous itemized deduction, to the extent they and other costs exceeded 2 percent of your adjusted gross income
No. Unfortunately, investment expenses cannot be deducted on your return. They were eliminated with 2018 Tax Cuts and Jobs Act (TCJA).
Fees for investment costs were deductible as a miscellaneous itemized deduction, to the extent they and other costs exceeded 2 percent of your adjusted gross income
They may still be itemized deductions on some state taxes. CA does allow them and I got benefit from then on my own CA income tax.
Also, the tax code does distinguish between brokerage commissions, which add to your basis and benefit you at the time of eventual sale, and investment management fees.
How do you report it in California return to claim this deduction?
Because I had dozens of small fractional share sales to report and wanted to keep the pennies accurate, I did my forms on paper this year and that involved first attaching a Schedule A to my CA return and entering the additional CA itemized deductions on Schedule CA. To handle it in TurboTax, go ahead and first enter your federal itemized deductions as per usual and then in the CA section you'll be given a list of items that CA handles differently, one of them being Investment Income Expenses.