mmurrell wrote:
- quote -

heard of this. In fact it's just not true as others will chime in I'm
sure. To be deductible these admin fees must be paid separately.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article
<b6a678c2-0fa3-4c0f-883e-e17976a3c226[at]d32g2000yqe.googlegroups.com> ,
mmurrell <mmurrell[at]cableone.net> wrote:

- quote -

I am not a tax expert. Is the method you describe specifically
sanctioned by the tax code? My working assumption has been that all IRA
money must be taxed at least once. I have been under the impression that
if you took investment costs out of the IRA you just did not have to
report that money as income. You never got it.

On the other hand, if you paid these costs from a non IRA account so
that you do not diminish the principle that is earning tax deferred
income, then you can deduct the costs.

The method described sounds like an I win and Government loses technique.

Bill

--
Private Profit; Public Poop! Avoid collateral windfall!

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <b6a678c2-0fa3-4c0f-883e-e17976a3c226[at]d32g2000yqe.googlegroups.com> ,
mmurrell <mmurrell[at]cableone.net> wrote:
- quote -


Can't do that. But if you do, at least be consistent and claim the
fees you deduct as a taxable IRA distribution.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Feb 19, 6:45*pm, Barry Margolin <bar...[at]alum.mit.edu> wrote:
- quote -

deduction subject to 2% AGI. These are paid from "within" the IRA,
but still deductible. This client is 70 years old and activly
managing his IRA. I guess I am trying to consider the commissions as
"trustee administrative fees" that are billed separatly and paid from
the account.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article
<63000973-b1e1-4465-9294-62c7d191f162[at]t3g2000yqa.googlegroups.com> ,
mmurrell <mmurrell[at]cableone.net> wrote:

- quote -

Not if you pay for them out of funds within the IRA. There are no tax
consequences to transactions within an IRA, only contributions or
withdrawals.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Feb 19, 5:46*pm, mmurrell <mmurr...[at]cableone.net> wrote:
- quote -

I want to clairify these commissions were from managing the account
(about $2K). Buying and selling to change the portfolio allocations.
I am not talking about the commissions charged on the initial
contribution to the IRA which would be deductible as part of the
contribution...and therefore not deductible as a miscellaneous
itemized deduction.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Are the commissions and fees paid in an IRA account deductible as
miscellaneous itemized deductions subject to 2% AGI?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >