I incurred fees and admin. expenses from transfering my IRA portfolio to a new administrator. Are these expenses considered as tax deductible business expenses?

[Carl]

Only if the fees were NOT paid from the tax deferred IRA itself. Those fees would need to be paid with TAXABLE income, in order to be deductible. Traditionally transfer fees are taken from the tax-deferred amount, meaning you have nothing to claim.

[nurre-shelton-gmail-com]

Thanks!

[nurre-shelton-gmail-com · Accepted solution]

Thanks, that answers my question.

[MinhT]

If these expenses were paid by you (and not deducted from your IRA account), they can be deducted as investment expenses in Itemized deductions.

They are not deductible as business expenses.

[nurre-shelton-gmail-com]

Thank you, that answers my question.

[macuser_22]

And it is a miscellaneous deduction reduced by 2% of AGI.

[nurre-shelton-gmail-com]

What is AGI?

[macuser_22]

Adjusted Gross Income (line 38 on the 1040 form).

[nurre-shelton-gmail-com]

Thanks! (I'm new at doing my own return.)