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As a fiduciary of a trust can i deduct management fees from a brokerage acount

I am a fiduciary of a trust. Can I show management fees of a brokerage account as a cost of managing the trust ? 

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tagteam
Level 15

As a fiduciary of a trust can i deduct management fees from a brokerage acount

"as a fiduciary of a trust can i deduct management fees from a brokerage acount"

Yes. The fees, however, are subject to the 2% AGI floor. 

See https://www.irs.gov/instructions/i1041/ch02.html#d0e3466

[Note that this answer is no longer accurate due to the Tax Cuts and Jobs Act - taxpayers cannot claim miscellaneous itemized deductions]

Edited 3/29/2019

View solution in original post

1 Reply
tagteam
Level 15

As a fiduciary of a trust can i deduct management fees from a brokerage acount

"as a fiduciary of a trust can i deduct management fees from a brokerage acount"

Yes. The fees, however, are subject to the 2% AGI floor. 

See https://www.irs.gov/instructions/i1041/ch02.html#d0e3466

[Note that this answer is no longer accurate due to the Tax Cuts and Jobs Act - taxpayers cannot claim miscellaneous itemized deductions]

Edited 3/29/2019

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