Are Investment Fees Tax-Deductible?

So you have selected a brokerage firm to manage your investment accounts and they charge you fees to manage your account.  The big question here is are my investment fees tax-deductible?

Answer:

Certain IRA administrative fees are definitely deductible, however they need to meet a few criteria:

  • Fees need to be paid by the account owner’s non-IRA funds

The key to being able to deduct your IRA fees is to write out a check or pay the broker with a credit card.  Say your broker charges you $250 annually, you’ll need to pay this fee from non-IRA assets if you want it to be deductible and considered a miscellaneous itemized deduction.

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