Are Financial Advisory Fees Tax-Deductible?

Are Financial Advisory Fees Tax Deductible? In some cases, they might be. Do you itemize your tax deductions? You then might have to be able to partly or completely deduct the cost of the advisory fees you purchase the investment, legal, and taxes advice you receive. The big takeaway here?

If you are in a fee-based investment program, you come with an opportunity to deduct fees billed for you by investment experts if such advice helped you generate taxable income. Before you declare these miscellaneous deductions on your Schedule A, know this. You can only begin to deduct miscellaneous items if the total of your miscellaneous deductions surpasses 2% of your modified gross income (AGI).

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Claiming a miscellaneous deduction for investment fees could be advantageous. Frequently, these fees are paid with property held within a taxable investment accounts or tax-deferred pension plan. When these fees are paid with money via within the plan or account, they aren’t always tax deductible (as can be the case with IRAs).

Consult your tax professional to see if you can legitimately state such deductions. If you’re able to do so and have a large investment profile under management, the potential deduction could be sizable. This material was prepared by MarketingPro, Inc., and does not signify the views of the delivering party always, nor their affiliate marketers.

All information is thought to be from reliable sources; we make no representation as to its completeness or accuracy however. Please be aware – investing involves risk, and past performance is no guarantee of future results. The publisher is not involved in rendering legal, accounting or other professional services. If assistance is needed, the reader is preferred to engage the services of a reliable professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to buy or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

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