19. Investment-related expenses, such as paying a fee to an investment manager, generally are deductions from adjusted gross income in 2020
a. True
b. False
FALSE
Due to the Tax Cuts and Jobs Act (TCJA) of 2017, certain investment-related expenses are no longer deductible if you itemize.
Prior to the TCJA, taxpayers were allowed a tax deduction for certain expenses known as “miscellaneous itemized deductions.” Miscellaneous itemized deductions included expenses such as fees for investment advice, IRA custodial fees, and accounting costs necessary to produce or collect taxable income. For tax years 2018 to 2025, these deductions have been eliminated.
Get Answers For Free
Most questions answered within 1 hours.