I have an investment portfolio of mutual funds with a bank using a financial adviser. I pay the financial advisor a fee every quarter. Can this expenses be deducted in my itemized deduction form?

ANSWER

The BIDaWIZ Team's Answer:

If these are financial advisor fees, then they may be deductible as an itemized miscellaneous expense on your form 1040. Please note that miscellaneous expenses must meet the 2% floor for claiming the deduction as per IRC Section 67. However, if these fees are commissions from the purchase and sales of mutual fund investments, then that would not be deductible as it's a reduction in your capital gains.