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Subject Author Date
Fees and Expenses on "Managed Accounts" Jeff Wisnia 03-04-2008
Posted by Jeff Wisnia on March 4, 2008, 8:52 pm
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I have five accounts with a major brokerage firm, one regular investment
account and four so called "Managed Accounts".

Each of the separate 1099 Consolidated Tax Statements for those four
managed accounts contains an itemized list of "fees and expenses".

The major part of those are "quarterly access fees" which, for the full
year, amount to about 1.5% of the total market value of each of the
accounts.

All four accounts had significant dividends, interest and capital gains
for the year.

Can those "fees and expenses" be used to offset income, and if so how
and where?

Thanks guys,

Jeff

--
Jeffry Wisnia
(W1BSV + Brass Rat '57 EE)
The speed of light is 1.8*10^12 furlongs per fortnight.

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Posted by removeps-groups@yahoo.com on March 4, 2008, 10:06 pm
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> Can those "fees and expenses" be used to offset income, and if so how
> and where?

Not directly, meaning that you cannot subtract the fees from the
interest and dividends. That's too sweat of a deal. You can put the
fees -- so long as they qualify -- on Schedule A in the miscellaneous
section, which means that you only get to deduct that portion over 2%
of your AGI, and it is subject to the itemized deduction phaseout and
AMT.

See for example http://www.smartmoney.com/tax/capital/index.cfm?story=writeoff

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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