Mark3324 <user[at]domain.invalid> writes:

- quote -

What do your actual trade confirmation slips show?

- quote -

Again, what do the trade confirmation slips show?

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Fees and commissions are purchase and sale are NOT
deductible. Rather, they (on the buy side) increase basis
and (on the sell side) either also increase basis or
decrease reported sales proceeds, depending how the broker
reports sales proceeds on 1099-B. So all these fees and
commissions act to decrease your capital gain/increase your
capital loss.

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It is if the proceeds are used to buy investments. If, for
example, you take out a margin loan to buy a car, it's not.

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That's because 1099-DIV is NOT where brokers report margin
interest. Look at your Schwab *account* statements and add
up all the margin interest you paid.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"Mark3324" <user[at]domain.invalid> wrote:

- quote -

That labor should be directed toward acquiring accounting
software that serves you rather than demanding you serve it.
If Quicken doesn't have a way to enter the commission other
than on a per-share basis, demand your money back. BTW, the
commission is part of the basis.

- quote -

Margin interest is a Schedule A itemized deduction.

Details are in IRS Publications 550 and 551.

--
Phil Marti
Clarksburg, MD

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This has to do with worrying about deductibility of broker
transaction fees and margin interest. I'm asking because I
have to enter a number of transactions into Quicken using
printed statements from Schwab.

On the buy side, Schwab's transaction detail pages show the
shares, PPS, and net amount (which includes the fee). Thus,
for a $15 fee: buy 1000 shares XYZ at $1 = $1015

Schwab's sales do not include transaction fee. For a sale of
XYZ at a dollar, all it shows is: sell 1000 shares XYZ,
$1000 proceeds

If fees are not deductible, then this is easy, since all I
need are the shares and PPS for the buys and the shares and
proceeds for the sales. But if fees *are* deductible, then I
have some serious labor ahead of me.

My other question is whether margin interest is deductible.
My Schwab's 1099 shows zero for "investment expense" but I
sure paid some margin fees!

Anyway, I'm continuing to look through information at the
IRS Web site.

Thanks.

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