QUESTION 2: I understand that financial advisor fees are tax deductible if they concern investments that produce taxable income. About 98% of my investments are taxable, though around 85% of that is tax deferred, in 401(k) and traditional IRA. My financial advisor is fee based, and the service was strictly planning and advice. I place all trades myself and manage my investments myself. I signed up with the advisor and paid the fee early this year. Under these circumstances, is any or all of the fee deductible? Some of her advice concerned retirement planning, not strictly investment planning. I didn't keep track, but let's say maybe 75% of my time with the advisor was related to investments.
Thanks in advance!
Stan Brown, Oak Road Systems, Tompkins County, New York, USA