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Are financial advisor fees tax deductible?

The Tax Cuts and Jobs Act may have cut tax deductions for financial advisor fees, but you can still find handy tax breaks. While financial advisory fees are not currently tax deductible, there are some other ways to get some tax relief from engaging a financial planner and benefiting from their services.

Are investment advisory fees tax deductible?

Prior to 2018, investors could treat advisory fees as an itemized deduction if the fees exceeded 2% of their adjusted gross income (AGI). Unfortunately, you’re no longer able to file investment advisory fees paid from a taxable account as a miscellaneous itemized deduction on Schedule A.

What if I paid a fee to my advisor?

If you paid $6,000 in fees to your advisor, $2,000 of that would have been eligible for the deduction. The Tax Cuts and Jobs Act, however, eliminated these deductions beginning with the 2018 tax year. This change to the tax code, along with others established by the act, are set to remain in effect through 2025.

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