2790807
I am trading stocks for living. On a consolidated IRS Form 1099, there is a section with Margin Interest Paid, Payment in Lieu Paid, Advisory Fees Paid and Other Fees Paid. Where and which form should I enter these fees. Thank you.
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See IRS Publication 550. Advisory fees (and likely Other Fees) are no longer deductible. Margin Interest and Payment In Lieu may be items that increase your basis (and thus reduce your gain). Ask your broker what those line items represent and whether those items are part of your cost basis.
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