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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29528
Experience:  Taxes, Immigration, Labor Relations
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Can I deduct investment expenses charged to my IRA account ...

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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.
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Customer: replied 9 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.

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