Tax Year Prior to 2020: Are savings/checking account maintenance fees deductible as an investment expense?

[KarenL2]

Unfortunately, those normal bank fees are not deductible, except for business bank accounts.

However, you can deduct expenses that you pay:

1.      To produce or collect income that must be included in your gross income,

2.      To manage, conserve, or maintain property held for producing such income (such as investments), or

3.      To determine, contest, pay, or claim a refund of any tax.

You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes.