1099-B Deducion for Misc fees?
Tax question...on an Ameritrade summary sheet for 1099-B information, there is a charge for "miscellaneous fees". Is this amount deductable in the 1099-B as a sales expense or can it be deducted in another place as an itemized deduction?
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No, advisor fees are not an expense of sale and are not included anywhere on Schedule D. Under TCJA they are also temporarily disallowed as a miscellaneous itemized deduction, but they might still be deductible as investment expenses on the state return."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard -
In some cases, the fees are higher than the taxable dividends or capital gain distributions that the taxpayer is earning...Comment
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I used to have a client where that was true, year after year, and he always had losses from the sale of stocks as well. I tried to make an innocuous comment about the losses (this was in a time frame in which the market was booming) but he never seemed to notice. Then one year he came to have his taxes done, and he said he liked his broker/manager but he had pulled his money out and put it elsewhere.Comment
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Only for five more years, then maybe the AMT rules will go back into the AMT system where they belong, not in the regular tax system.Originally posted by FEDUKE404"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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Those fees are a deduction for CA returns, and probably other states that decouple from the feds.Comment
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