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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Are amounts pai to an investment advisor deductible, what do

Customer Question

are amounts pai to an investment advisor deductible
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: what do you want to know
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Customer: am an individual ; would amounts paid to a investment advisor be deducctible
Submitted: 2 months ago.
Category: Tax
Expert:  emc011075 replied 2 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, you can deduct adviser fees you paid to produce taxable income with some limitations. Investment/advisory fees are a miscellaneous deduction on Schedule A (Itemized Deductions) subject to 2% of your adjusted gross income. You cannot deduct advisory fees related to your 401K or other retirement account, unless the fees are paid outside the retirement account and you cannot deduct fees related to tax exempt income.

Expert:  emc011075 replied 2 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?