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Benjamin70
Apr 4, 2008, 01:56 PM
My brokerage firm does not charge commissions on individual transactions instead I am charged a monthly brokerage fee. Is this monthly fee tax deductable from my investment gains. If so where do I report the brokerage fee on the IRS Form 1040
ebaines
Apr 7, 2008, 07:29 AM
They are not deductible from your gains, but you can deduct these fees as a misc deduction, as long as the brokerage fee is for an account that generates income you have to report on your taxes (dividends, capital gains, etc). You report this on Schedule A, line 23. The deduction is subject to the 2% limit.