topic Are investment advisory fees deductible in 2018? in Investors & landlords

Are investment advisory fees deductible in 2018?

rsull111 — Mon, 03 Jun 2019 20:40:01 GMT

Are investment advisory fees deductible in 2018

Unfortunately, no. They were eliminated with 2018 Tax Cut...

Coleen3 — Mon, 03 Jun 2019 20:40:03 GMT

Unfortunately, no. 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

I agree

mikeanddiane1 — Mon, 03 Jun 2019 20:40:05 GMT

I agree

Investment Advisory Fees are still deductible on some sta...

DavidHH — Mon, 03 Jun 2019 20:40:07 GMT

Investment Advisory Fees are still deductible on some state (e.g. New York) returns.

Where are they deductible in the NY Turboxtax?

rrtaft — Mon, 03 Jun 2019 20:40:08 GMT

Where are they deductible in the NY Turboxtax?

On line 24 of NY Form IT-196.

DavidHH — Mon, 03 Jun 2019 20:40:09 GMT

On line 24 of NY Form IT-196.

I see it there, I meant in Turbotax.

rrtaft — Mon, 03 Jun 2019 20:40:10 GMT

I see it there, I meant in Turbotax.

Just go to the Forms option of TurboTax, and you can inpu...

DavidHH — Mon, 03 Jun 2019 20:40:12 GMT

Just go to the Forms option of TurboTax, and you can input details directly on Form IT-196 (which is already partially filled out with transfers from Federal). Never saw a place to input it in the Step by Step format.

Found where to input in Step by Step. It is input in the...

DavidHH — Mon, 03 Jun 2019 20:40:13 GMT

Found where to input in Step by Step. It is input in the Federal Section under: Personal - Deductions & Credits -Retirement & Investments - Other Investment Expenses. Choose "Enter my Expenses". Then If you then go on and enter Investment Expenses, it will populate line 24 on NY Form IT-196. Beware, however, if you enter something directly on Form IT-196 it overrides an entry coming from Federal Step by Step.

Thank you, I don't know why I didn't see that the first t...

rrtaft — Mon, 03 Jun 2019 20:40:15 GMT

Thank you, I don't know why I didn't see that the first time around.

Sadly the inline help for 2018 TurboTax for Business stil...

brakeshoe87 — Mon, 03 Jun 2019 20:40:16 GMT

Sadly the inline help for 2018 TurboTax for Business still says these are deductible.

- Include any other deductions subject to the 2% floor that are attributable to the production of investment income.

Some common investment expenses are:

- Safe deposit box
- Investment publications
- Investment counsel and advice
- Managed account fees