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Financial planning & brokerage account fees deductible?

 
 
Bob Divine
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      02-19-2005, 12:30 AM
Are costs paid to a financial planner deductible? And, are transaction
fees paid to a IRA brokerage account deductible?

If possible please refer to tax code, or, IRS publication. Thanks.

 
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Paul
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      02-19-2005, 01:07 AM

"Bob Divine" <(E-Mail Removed)> wrote
> Are costs paid to a financial planner deductible?


Yes, Schedule A, subject to a 2% of AGI floor.


> And, are transaction fees paid to a IRA brokerage account deductible?


If paid by you, yes, same as above, Schedule A, subject to 2% of AGI.

If paid from the IRA itself, then no.



> If possible please refer to tax code, or, IRS publication. Thanks.



Geeee......you want a lot for free.



--
Paul A. Thomas, CPA
Athens, Georgia


 
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Wayne Brasch
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      02-19-2005, 02:03 AM

"Bob Divine" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed)...
> Are costs paid to a financial planner deductible? And, are transaction
> fees paid to a IRA brokerage account deductible?
>
> If possible please refer to tax code, or, IRS publication. Thanks.
>


Suggest you look in IRS Publication 17.

Wayne Brasch, CPA, M. S. Taxation


 
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Bob Divine
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      02-19-2005, 09:37 PM
The reason I asked about code / publication, is to eliminate "I think"
answers; obviously as a CPA you "know". Thank you for your answer.

 
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