Deductions, expenses

Forum|Forum|5 years ago
April 14, 2021
2 replies
28 views

I make the majority ( 90% or so ) of my monies from investing and trading stock. I subscribe to several investment subscriptions, ( Vectorvest, Motely Fool, Empire Financial, Investor Place and others ) and I have in excess of $15,000 in expenses for these subscriptions.

What is the best way to write of these expenses?

Thank you, Frank Goode

[email address removed]

MinhT1

Level 15

These investment expenses used to be deductible as a miscellaneous itemized deduction subject to the threshold of 2% of your AGI.

The Tax Cuts and Jobs Act has suspended these miscellaneous itemized deductions for tax years 2018 to 2025.

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jaelbiz11

Level 2

Subscriptions purchased for the purpose of investment advice, for job-related or job search advice, or hobby activities are no longer deductible. The prohibition on deducting these expenses went into effect for 2018 and continues through 2025. These deductions are scheduled to return in 2026.

Reference: https://www.nolo.com/legal-encyclopedia/deducting-subscriptions.html