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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Level 15

Jun 6, 2019 4:52:14 AM

"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.

[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

Level 15

Jun 6, 2019 4:52:14 AM

"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.

[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