Is there a requirement for "investment advisors" to provide a year end summary of fees paid to manage an investment account? Does it matter what the investment is in (stock, bonds, real estate, commodities, currencies, futures, ...)? Does it need to be sent to the investor? IRS? Seems that something like this is needed to prove a deduction on Sch A.
of fees paid
(stock, bonds,
to the investor? IRS?
There is no requirement. You prove your deduction through the retention of the necessary records, such as the periodic statements that show the payment of the expenses.
Ira Smilovitz
There is no requirement. But I've noticed that many report how much the custodial and ADR fees are in the detail section of the consolidated 1099. They might even report margin interest, options expired worthless. I've not seen them report reverse stock split fees.
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