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Brokerage Account Advisory Fess Deductible ??

I have brokerage accounts including individual and IRAs accounts.  I have been charged with advisory fees monthly.   Are  these fees deductible?  If so, where do I enter these fees on Turbotax? 

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4 Replies

Brokerage Account Advisory Fess Deductible ??

The advisory fees to which you are referring are miscellaneous itemized deductions and they were eliminated as such after tax reform (the TCJA, effective for the 2018-2025 tax years).

 

The fees are not currently deductible.

Brokerage Account Advisory Fess Deductible ??

certain states may allow the deduction 

Brokerage Account Advisory Fess Deductible ??

Thank you all.   To be clear, these are the monthly "Management fees" to maintain my brokerage accounts.   Thank you again.

CatinaT1
Expert Alumni

Brokerage Account Advisory Fess Deductible ??

As tagteam said, these fees are miscellaneous itemized deductions and were suspended with The Tax Cuts and Jobs Act until after 2025.  Your state may still allow the fee to be deducted if you are itemizing your state return.

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