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As an investor am I allowed to subtract or list his (share) COST to investing on my tax forms?

I receive advice from an adviser on market positions on a daily basis. I give him an avg of 25% of my profits.

I am taxed on all my profits + gains.

Update:

Why wouldn't this be considered a business expense? I am not a business, but it is still an expense I receive in order to earn a profit?

5 Answers

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  • martin
    Lv 7
    1 month ago

    It's up to you to give less to your adviser rather than try to deduct his or her pay on your tax return.

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  • Eva
    Lv 7
    1 month ago

    No you are not. Investment fees used to be a 2% miscellaneous deduction on Schedule A, but were eliminated under the new tax laws that were implemented in 2018. If you were being charged actual commissions, they would be part of your cost basis.

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  • Anonymous
    1 month ago

    No.  This deduction was eliminated as part of Trump's tax reform.

    You used to be able to deduct it on Schedule A if it was more than 2% of your AGI.

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  • 1 month ago

    Why an average of your profits?  Thats jumping out as weird.

    This sounds like a business expense....but you should 100% hire an accountant to make sure its done correctly.  If you are really paying someone 25% of your profits, are you issuing them any tax forms 1099?  

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  • Anonymous
    1 month ago

    NO.............

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