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I utilize investment services to invest in the stock market.

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I utilize investment services...

I utilize investment services to invest in the stock market. Am I able to deduct this cost Against any profits on my 2017 income tax.

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I want to know if investment services ( letters and emails ) are deductable?

Submitted: 4 months ago.Category: Tax
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3/9/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,085
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

Investment fees, newsletters, research services, online trading platforms, etc. are all deductible for 2017. They are itemized deductions in most instances. They are typically charged as 2% miscellaneous itemized deductions on the bottom of Schedule A, 1040.

There are limited instances where these could be expenses of a business. Day traders, or people who generate much of their income via stock market trading, could report their stock market gains or losses, along with the expenses you mentioned, on Schedule C, 1040 as self employment income or loss (from a trading business). There are significant tests for this treatment most people fail, so itemized deductions are the most likely place for your deductions.

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