Can I deduct financial advisory fees based on performance? I.e. my financial advisor charges a fee based on a percentage of profits in my account on a quarterly basis.

Yes, you can.

Enter your advisory fees in the below area:

To enter investment fees/expenses:

• Type investment advisor fees in the search box, top right of your screen, then click the magnifying glass

• Click the jump to investment advisor fees link in the search results

• Follow to prompts and online instructions

Note: To deduct investment fees fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your investment fees must exceed 2% of your Adjusted Gross Income.