Can the cost of auto trading software for FOREX trading be subtracted from resulting gains and losses when reporting?

cpugh780 — Tue, 04 Jun 2019 19:17:38 GMT

I purchased Copy Trade software and it automatically enters and closes trades. Can the cost of this be subtracted from Gains or Losses? How to report this?

No, but it is an Investment Expense to be included as a i...

CarolynM — Tue, 04 Jun 2019 19:17:40 GMT

No, but it is an Investment Expense to be included as a itemized deduction.

To enter in TurboTax:

Go to Deductions & Credits

Scroll to Retirement and Investments

Click Other Investment Expenses

These expenses must be more than 2% of your AGI to be deductible, so you may not see a difference in your calculations.

For more information, see page 8 of IRS publication 529 here: Misc Expenses

topic Can the cost of auto trading software for FOREX trading be subtracted from resulting gains and losses when reporting? in Investors & landlords

Can the cost of auto trading software for FOREX trading be subtracted from resulting gains and losses when reporting?

No, but it is an Investment Expense to be included as a i...