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#8
03-22-2009, 09:28 PM
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 Re: Are wire transfer cost deductible? In misc.taxes.moderated, D. Stussy wrote: - quote - > "Frank S. Duke, Jr." <dukefs[at]one.net> wrote in message
Suppose on a buy, you need to wire the funds to get them there by> news:C5EADACA.130E0%dukefs[at]one.net... > > in article 49C3C6A7.8090306[at]att.net, bhata at bhataNOT[at]att.net wrote on > > 3/20/09 12:46 PM: > > > > I sold some mutual funds and had the company wire the > > > proceeds to my checking account. Is the fee charged > > > by my bank deductible? > > > > > Thanks.... > > > I think I would deduct it from the sales proceeds on schedule D as an > > expense of the sale. > It clearly does NOT belong on Schedule D as it's not instrumental in > performing the sale. settlement day. Investment expense on Schedule A line 23? -- << ------------------------------------------------------- > << 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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#7
03-22-2009, 12:43 AM
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| Re: Are wire transfer cost deductible? "Frank S. Duke, Jr." <dukefs[at]one.net> wrote in message news:C5EADACA.130E0%dukefs[at]one.net... - quote - > in article 49C3C6A7.8090306[at]att.net, bhata at bhataNOT[at]att.net wrote on
It clearly does NOT belong on Schedule D as it's not instrumental in> 3/20/09 12:46 PM: > > I sold some mutual funds and had the company wire the > > proceeds to my checking account. Is the fee charged > > by my bank deductible? > > > Thanks.... > I think I would deduct it from the sales proceeds on schedule D as an > expense of the sale. performing the sale. -- << ------------------------------------------------------- > << 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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#6
03-21-2009, 09:02 PM
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| Re: Are wire transfer cost deductible? in article vTPwl.18206$i9.730[at]bignews7.bellsouth.net, Paul Thomas, CPA at paulthomascpapc[at]bellsouth.net wrote on 3/20/09 1:05 PM: - quote - > "bhata" <bhataNOT[at]att.net> wrote
stock. I think it would be a "fee to collect income." If it cost you $25> > I sold some mutual funds and had the company wire the > > proceeds to my checking account. Is the fee charged > > by my bank deductible? > It's not part of the cost of the stock sale, so it's a personal expense - no > deduction. You know, I think your answer is correct. It was not required to sell the to wire $300, I think that is pushing it and a foolish thing to have done. If it was $25 to collect $30,000, it seems quite appropriate to get the money. Unfortunately, these kinds of expenses get a 2% of AGI haircut at the bottom of the schedule A so it may be a moot point. Uncompensated advice guaranteed correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA -- << ------------------------------------------------------- > << 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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#5
03-21-2009, 08:56 PM
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| Re: Are wire transfer cost deductible? in article 49C3C6A7.8090306[at]att.net, bhata at bhataNOT[at]att.net wrote on 3/20/09 12:46 PM: - quote - > I sold some mutual funds and had the company wire the
expense of the sale.> proceeds to my checking account. Is the fee charged > by my bank deductible? > Thanks.... I think I would deduct it from the sales proceeds on schedule D as an Uncompensated advice guaranteed correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA -- << ------------------------------------------------------- > << 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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#4
03-21-2009, 03:31 AM
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| Re: Are wire transfer cost deductible? On Mar 20, 10:03�pm, "removeps-gro...[at]yahoo.com" <removeps- gro...[at]yahoo.com> wrote: - quote - > On Mar 20, 5:01 pm, MyVeryOwnSelf <s...[at]emailNot.invalid> wrote:
it end up there, also, when it's paid by an S corporation? Seems to> > If the earnings from the mutual fund and the bank account are both taxable, > > couldn't the wire fee be considered an investment expense related to > > interest and dividend income, deductible on Schedule A line 23? > It does not strike me as related to the production of taxable income, > so I'd say no. �Besides the 2% rule makes the deduction pretty useless > for most people, and it's not even allowed under AMT. �If the mutual > funds were owned by a company, like a S corp or C corp, then it would > be fully deductible. > -- > << ------------------------------------------------------- > > << 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 atwww.asktax.org. � � � � � � � � > > << � � � � Copyright (2007) - All rights reserved. � � � � > > << ------------------------------------------------------- > If this expense ends up on Schedule A for the individual, why doesn't me the concept is that whatever happens in an S corporation is reported as if it were happening to the shareholder, and if the shareholder's got an itemized deduction for the wire fees, I would think the S corporation should report it as an itemized deduction, too. Is there some presumption of trade or business in an S corporation? I don't think so... But some people say that I pick at nits.... -- << ------------------------------------------------------- > << 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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#3
03-21-2009, 01:03 AM
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| Re: Are wire transfer cost deductible? On Mar 20, 5:01 pm, MyVeryOwnSelf <s...[at]emailNot.invalid> wrote: - quote - > If the earnings from the mutual fund and the bank account are both taxable,
It does not strike me as related to the production of taxable income,> couldn't the wire fee be considered an investment expense related to > interest and dividend income, deductible on Schedule A line 23? so I'd say no. Besides the 2% rule makes the deduction pretty useless for most people, and it's not even allowed under AMT. If the mutual funds were owned by a company, like a S corp or C corp, then it would be fully deductible. -- << ------------------------------------------------------- > << 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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#2
03-20-2009, 11:45 PM
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| Re: Are wire transfer cost deductible? 'Paul Thomas, CPA' wrote on 3/20/2009 10:05 AM: - quote - > "bhata" <bhataNOT[at]att.net> wrote
rats... Thanks for the feedback Paul!> > I sold some mutual funds and had the company wire the > > proceeds to my checking account. Is the fee charged > > by my bank deductible? > It's not part of the cost of the stock sale, so it's a personal expense - no > deduction. -- << ------------------------------------------------------- > << 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
03-20-2009, 11:01 PM
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| Re: Are wire transfer cost deductible? - quote - > > I sold some mutual funds and had the company wire the
If the earnings from the mutual fund and the bank account are both taxable,> > proceeds to my checking account. Is the fee charged > > by my bank deductible? > It's not part of the cost of the stock sale, so it's a personal > expense - no deduction. couldn't the wire fee be considered an investment expense related to interest and dividend income, deductible on Schedule A line 23? (Disclaimer: not a tax pro.) -- << ------------------------------------------------------- > << 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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03-20-2009, 04:05 PM
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| Re: Are wire transfer cost deductible? "bhata" <bhataNOT[at]att.net> wrote - quote - > I sold some mutual funds and had the company wire the > proceeds to my checking account. Is the fee charged > by my bank deductible? It's not part of the cost of the stock sale, so it's a personal expense - no deduction. -- Paul Thomas, CPA Watkinsville, Georgia -- << ------------------------------------------------------- > << 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
03-20-2009, 03:46 PM
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| Are wire transfer cost deductible? I sold some mutual funds and had the company wire the proceeds to my checking account. Is the fee charged by my bank deductible? Thanks.... -- << ------------------------------------------------------- > << 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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