I am manage stock investments in my personal account. Will the IRS allow me to deduct the cost of investment newsletters and subscriptions as a miscellaneous itemized expense?

ANSWER

The BIDaWIZ Team's Answer:

Yes, you can deduct the cost of investment newsletters and subscriptions that are incurred to generate taxable income. These expenses are reported on Form 1040, Schedule A as part of miscellaneous deductions to the extent that they exceed 2% of adjusted gross income. This is referenced in Internal Revenue Code Section 67 & IRS Topic 429.