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Federal Taxation of Individual Financial Management Fees?
Posted by admin on Sep 24th, 2008
sjg351pen asked:
Are fees paid for professional financial management services deductible on an individual’s tax return?
Are fees paid for professional financial management services deductible on an individual’s tax return?
If the financial management services were for Tax preparation, then yes. Otherwise – no.
If the fees are deducted from the earnings on your account and the net is reported to you, you have nothing to deduct.
If the fees are paid by you, and your account is a taxable account, then you may deduct those fees as a miscellaneous deduction subject to a 2% of AGI floor. For 2007 this amount is entered on Line 23 of Schedule A.