How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Can I deduct investment expenses charged to my IRA account ...

This answer was rated:

Can I deduct investment expenses charged to my IRA account that are paid directly to trustee out of the IRA account?
Because these expenses are paid from before-tax money - they are already excluded from the taxable income. You may not deduct these expense and exclude the same amount from taxable income second time.
Lev and other Tax Specialists are ready to help you
Customer: replied 8 years ago.

Please refer to the IRS publication 550 page 37 - - that is 2006 publication. - publication for 2007 will be updated here - it is not available at this time.

Tax-exempt income. You cannot deduct expenses you incur to produce tax-exempt income. Nor can you deduct interest on money you borrow to buy tax-exempt securities or shares in a regulated investment company (mutual fund) that distributes only exempt-interest dividends.