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NYS IT-196 "line 24 Other Expenses - Investments"

What type of investments qualify for deductions in line 24? The instructions do not say. 

The form IT-196 for NY  https://www.tax.ny.gov/pdf/current_forms/it/it196_fill_in.pdf

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NYS IT-196 "line 24 Other Expenses - Investments"

It still wasn't clear to me, then I found this from DavidHH. He directs you to the question "Enter Investment Advisor Fees" which populates line 24 of NYS IT-196.  - Found where to input in Step by Step. It is input in the Federal Section under: Personal - Deductions & Credits -Retirement & Investments - Other Investment Expenses. Choose "Enter my Expenses". Then If you then go on and enter Investment Expenses, it will populate line 24 on NY Form IT-196

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LenaH
Employee Tax Expert

NYS IT-196 "line 24 Other Expenses - Investments"

Examples of expenses to include on line 24 are:

  • certain legal and accounting fees
  • clerical help and office rent
  • custodial (for example, trust account) fees
  • your share of the investment expenses of a regulated investment company
  • certain losses on nonfederally insured deposits in an insolvent or bankrupt financial institution. (For additional information, see Itemized deductions and review the 2017 IRS Publication 529, Miscellaneous Deductions.)
  • casualty and theft losses of property used in performing services as an employee (See Casualty and theft worksheet, page 4.)
  • deduction for repayment of amounts under a claim of right if $3,000 or less
  • convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card (The deduction is claimed for the year in which the fee was charged to your card.)

For more information, please see Instructions for IT-196

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NYS IT-196 "line 24 Other Expenses - Investments"

It still wasn't clear to me, then I found this from DavidHH. He directs you to the question "Enter Investment Advisor Fees" which populates line 24 of NYS IT-196.  - Found where to input in Step by Step. It is input in the Federal Section under: Personal - Deductions & Credits -Retirement & Investments - Other Investment Expenses. Choose "Enter my Expenses". Then If you then go on and enter Investment Expenses, it will populate line 24 on NY Form IT-196

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