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Roro
Joined: 19 Apr 2005
Posts: 2
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 Posted: Sat Jul 01, 2006 11:13 pm Post subject: Federal Taxation of Individual Financial Management Fees? |
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| Are fees paid for professional financial management services deductible on an individual's tax return? |
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Darshana
Joined: 12 Dec 2006
Posts: 7
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| Posted: Wed Jul 19, 2006 12:53 am Post subject: Federal Taxation of Individual Financial Management Fees? |
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| If the financial management services were for Tax preparation, then yes. Otherwise - no. |
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JacobW6225
Joined: 26 Apr 2005
Posts: 10
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| Posted: Sat Aug 05, 2006 2:34 am Post subject: Federal Taxation of Individual Financial Management Fees? |
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| 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. |
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