Posted by: Tax services August 28, 2015
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Kalidaibhaisab,
Sorry I missed your question. Unrealized Loss in a Brokerage Account can't be deducted for tax purposes. Brokerage Account Management fees is tax deductible under schedule A of your tax returns. Whether the account Management fees will give tax benefit or not in your case depends on other factors. For single filer the standard deduction is $6,300. If you have other expenses like mortgage interest, property tax, medical expenses along with management fees more than $6,300, it might help you. Else wise it won't be beneficial.
Each expense category is subject to some limitation. For example medical expenses more than 10 % of your AGI i.e income is only deductible.
It might be little complex to understand but depending on your tax situation, management fees may or may not helpful in your tax return.
Hope this helps. Best of luck.
Sorry I missed your question. Unrealized Loss in a Brokerage Account can't be deducted for tax purposes. Brokerage Account Management fees is tax deductible under schedule A of your tax returns. Whether the account Management fees will give tax benefit or not in your case depends on other factors. For single filer the standard deduction is $6,300. If you have other expenses like mortgage interest, property tax, medical expenses along with management fees more than $6,300, it might help you. Else wise it won't be beneficial.
Each expense category is subject to some limitation. For example medical expenses more than 10 % of your AGI i.e income is only deductible.
It might be little complex to understand but depending on your tax situation, management fees may or may not helpful in your tax return.
Hope this helps. Best of luck.