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menellojr
New Member

I paid $1,750 in financial planning fee. The banker said it was tax deductible. Is it ?

 
1 Reply
Coleen3
Intuit Alumni

I paid $1,750 in financial planning fee. The banker said it was tax deductible. Is it ?

Maybe. You would have to determine what the fees were for.

Fees To Collect Interest and Dividends

You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. But you can't deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. You must add the fee to the cost of the property.

You can't deduct the fee you pay to a broker to sell securities. You can use the fee only to figure gain or loss from the sale. See the instructions for Schedule D (Form 1040) for information on how to report the fee.

Trustee's Administrative Fees for IRA

Trustee's administrative fees that are billed separately and paid by you in connection with your IRA are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit.

Service Charges on Dividend Reinvestment Plans

You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. These service charges include payments for:

  • Holding shares acquired through a plan,

  • Collecting and reinvesting cash dividends, and

  • Keeping individual records and providing detailed statements of accounts.

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