How do I deduct investment advisory fees paid for professional investment services on my IRA,?

An IRA, by definition, is deferred tax account. However, I did not use money inside the IRA to pay for the fee. I used "other money" from a non-IRA brokerage account. What is the form I use to list my fee’s (paid about K in 2007).
Is this bundled with other deductions to meet a threshold?
Is there anything else I need to know?

Thanks all

Tags: brokerage account, deferred tax, IRA, money, threshold

This entry was posted on Sunday, September 5th, 2010 at 11:38 pm and is filed under Self-Directed IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “How do I deduct investment advisory fees paid for professional investment services on my IRA,?”

MoB Says:
September 5th, 2010 at 11:38 pm
Correct. It goes on Schedule A and is limited to 2% of your adjusted gross income.
waggy_33 Says:
September 5th, 2010 at 11:38 pm
This is shown as an itemized deduction on schedule A of your 1040. You would have to itemize deductions to get a tax benefit for this payment
ninasgramma Says:
September 5th, 2010 at 11:38 pm
You are allowed to deduct ordinary and necessary expenses. If questioned you would have to demonstrate that the $8,000 was an ordinary and necessary expense.

You cannot deduct transaction costs such as broker fees and commissions for your IRA accounts. You can deduct advisory fees or trustees fees to the extent that they are ordinary and necessary.

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