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Fees and Expenses on "Managed Accounts"

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

Reply to
Jeff Wisnia
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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

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