Financial planning & brokerage account fees deductible?

Discussion in 'US Taxes' started by Bob Divine, Feb 19, 2005.

  1. Bob Divine

    Bob Divine Guest

    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.
     
    Bob Divine, Feb 19, 2005
    #1
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  2. Bob Divine

    Paul Guest

    "Bob Divine" <> 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
     
    Paul, Feb 19, 2005
    #2
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  3. Bob Divine

    Wayne Brasch Guest

    "Bob Divine" <> wrote in message
    news:...
    > 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
     
    Wayne Brasch, Feb 19, 2005
    #3
  4. Bob Divine

    Bob Divine Guest

    The reason I asked about code / publication, is to eliminate "I think"
    answers; obviously as a CPA you "know". Thank you for your answer.
     
    Bob Divine, Feb 19, 2005
    #4
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