Investment Information expense

[Lcastell49]

Where do I deduct expenses paid for financial information (factual) on my federal return?

[Bsch4477]

Those costs are not a deduction on your federal return but may be on your state return if you itemize. 

[SharonD007]

Investment expenses are no longer deductible as an itemized deduction on your federal return but may be deductible on your state return. This deduction has been suspended by the Tax Cuts and Jobs Act of 2018.

Your investment expenses can be entered as a miscellaneous itemized deduction on your Schedule A which will flow to your state return if your state doesn't conform with The Tax Cuts and Jobs Act of 2018.

Follow the instructions below:

1. Open TurboTax
2. Select Deductions & Credits
3. Scroll down to Other Deductions & Credits
4. Select Other Deductible Expenses
5. Select Yes to Did you have any of these less common expenses?
6. Enter the Description "Investment expenses" and the amount
7. If your state doesn't conform with Federal, you will see the deduction on your state return.

Refer to the TurboTax article Tax Tips for Investors for more information.

[Lcastell49]

I thought that you can still deduct investment expenses as long as they are for factual information and rather than financial advice to buy or sell a investment instrument 

[Mike9241]

nope the deduction for all forms of investment advice (except for traders who take the deduction on schedule C)  was eliminated by  TCJA. It's in effect through the end of 2025 unless extended. However, some states may allow a deduction