Do you need to report management fees from a consolidated 1099? (2021 Tax Year)
I received a consolidated 1099 for my account I have for buying and selling stocks.
Do I report the total management fee/advisor fee anywhere on my taxes or do leave that out?
032883
3 Replies
AamilD
Expert Alumni
Mar 8, 2022 1:44:12 PM
No. According to IRS Publication 529, these are considered miscellaneous itemized deductions and you can no longer claim any miscellaneous itemized deductions and hence you can leave that out.
Sorakairi89
Level 3
Mar 8, 2022 1:45:47 PM
Thank you!
Mike9241
Level 15
Mar 8, 2022 5:44:47 PM
maybe they can be left out. some states do allow them as a deduction. but there they actually would produce any state tax benefit is unknown.