What are the qualifications for investment expenses?
An example of an AI chatbot conversation about investment expenses qualifications.
What are the qualifications for investment expenses?
Investment expenses typically qualify if they are directly related to the production of income. This includes fees for investment advice, management fees, and certain legal fees.
Can you give me examples of specific expenses that qualify?
Sure! Examples include brokerage fees, investment advisory fees, and costs associated with tax preparation for investment income.
Are there any limits on how much I can deduct?
Yes, there are limits. For instance, investment expenses are generally subject to a 2% floor of your adjusted gross income (AGI) for itemized deductions.
What if my expenses exceed my investment income?
If your expenses exceed your investment income, you may not be able to deduct the excess. However, you can carry forward unused expenses to future years.
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