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Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience:  Nine years individual income tax preparation and consulting
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Are management expenses for stock and mutual funds accounts

Resolved Question:

Are management expenses for stock and mutual funds accounts tax deductible on form 1040 when listed as a separate expenditure and not incorporated in the cost basis of the stock sales?
Submitted: 5 years ago.
Category: Tax
Expert:  Jacy replied 5 years ago.

Jacy :

Hello,

Jacy :

Investment management fees are an miscellaneous itemized deduction subject to the 2% floor.

Jacy :

They are reported on Schedule A, and only the amount of total miscellaneous that exceed 2% of you Adjusted Gross Income will be deductible.

Customer:

So it would appear on line 23 of schedule A itemized deductions right?

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