topic Can I deduct Stock Trading fees such as Motley Fool or Pateron membership fee? in Investors & landlords

Can I deduct Stock Trading fees such as Motley Fool or Pateron membership fee?

ajartax — Sat, 13 Mar 2021 16:29:53 GMT

I do a lot of stock trading. I have received 1099-B from my broker. I pay for services such as Motely Fool or various Pateron memberships for stock trading help. Can I deduct these fees? If so, where do I input these fees in Turbo Tax?

Re: Can I deduct Stock Trading fees such as Motley Fool or Pateron membership fee?

ColeenD3 — Sat, 13 Mar 2021 16:58:48 GMT

The commissions would be deducted from the Sales Proceeds. In most cases the amount reported has already been reduced by any fees or commissions.

However, if you need to report fees, commission, or other sales expenses that were not subtracted from the proceeds reported on Form 1099-B, you can enter these expenses by selecting, "I paid sales expenses..."

Re: Can I deduct Stock Trading fees such as Motley Fool or Pateron membership fee?

hbl3973 — Sat, 13 Mar 2021 17:14:29 GMT

ColleenD3,

My read of the original query is that they are asking about one-time membership fees, not per-transaction costs. Unfortunately, the 2017 tax "reform" eliminated those as 2% miscellaneous itemized deductions on an individual's personal return. However, some states, e.g. CA where I reside, did not change their state income tax laws to match and those fees are still 2% deductible expenses.