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#1
03-04-2009, 04:19 PM
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 Re: Investment Expense from Previous Years On Mar 3, 2:29*pm, "removeps-gro...[at]yahoo.com" <removeps- gro...[at]yahoo.com> wrote: - quote - > On Mar 3, 11:11 am, gtd068a <IKha...[at]gmail.com> wrote:
Thank you for your reply. Actually question 4 was to be different but> > 1- Is investment account maintenance fee on a non-IRA, regular > > brokerage account tax deductible as "Investment Expense?" > > 2- Is low balance fee on same account tax deductible as well? > > 3- If the above are deductible, is the deduction for the year incurred > > or year paid? I was incurring these charges starting in 2003 but did > > not pay them until December 2008. Assuming the above are deductible, > > can I deduct all the charges for 2008 tax year since I did not pay > > them until 2008? > 1. Yes, in my opinion. *It's an expense for the producing of income. > 2. No. > 3. Year paid if you're a cash basis taxpayer. *Most individual > taxpayers are cash basis by default. > 4. Isn't this same question as (3)? I deleted it and forgot to delete "4." -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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03-03-2009, 06:29 PM
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| Re: Investment Expense from Previous Years On Mar 3, 11:11 am, gtd068a <IKha...[at]gmail.com> wrote: - quote - > 1- Is investment account maintenance fee on a non-IRA, regular
1. Yes, in my opinion. It's an expense for the producing of income.> brokerage account tax deductible as "Investment Expense?" > 2- Is low balance fee on same account tax deductible as well? > 3- If the above are deductible, is the deduction for the year incurred > or year paid? I was incurring these charges starting in 2003 but did > not pay them until December 2008. Assuming the above are deductible, > can I deduct all the charges for 2008 tax year since I did not pay > them until 2008? 2. No. 3. Year paid if you're a cash basis taxpayer. Most individual taxpayers are cash basis by default. 4. Isn't this same question as (3)? -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#-1
03-03-2009, 06:11 PM
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| Investment Expense from Previous Years 4 questions: 1- Is investment account maintenance fee on a non-IRA, regular brokerage account tax deductible as "Investment Expense?" 2- Is low balance fee on same account tax deductible as well? 3- If the above are deductible, is the deduction for the year incurred or year paid? I was incurring these charges starting in 2003 but did not pay them until December 2008. Assuming the above are deductible, can I deduct all the charges for 2008 tax year since I did not pay them until 2008? Thank you very much. -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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