Brokerage Fees are miscellaneous itemized deductions and are no longer deductible. Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for 2% miscellaneous expenses (such as brokerage fees) has been suspended in tax years 2018 through 2025.
Your state may allow that deduction so include it if you itemize.
To enter your expenses, please follow the instructions below:
Brokerage Fees are miscellaneous itemized deductions and are no longer deductible. Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for 2% miscellaneous expenses (such as brokerage fees) has been suspended in tax years 2018 through 2025.
Your state may allow that deduction so include it if you itemize.
To enter your expenses, please follow the instructions below:
I have a 'managed investment account' where the fees are based on a percentage of the account balance instead of fees for sales of stock. Can these managed fees be used on form 8960 part 2 line 9c (Miscellaneous investment expenses) to reduce the Net Investment Income?
No, your investment management fees are no longer deductible as they are considered a miscellaneous itemized deduction. The Tax Cut and Jobs Act eliminated the deductibility of miscellaneous itemized deductions.
As @GeorgeM777 says above, the Tax Cuts and Jobs Act eliminated the deduction for brokerage fees. You may no longer deduct these fees on your tax return.