Please note: NSR Invest does not provide tax, accounting, or legal advice. This post is for informational purposes only. You should consult a tax professional for information specific to your particular situation.
Generally, investment management expenses for a taxable account may be a miscellaneous deduction on Schedule A (Itemized Deductions) subject to 2% of your adjusted gross income.
However, in order to benefit from the deduction, you will need to have more than 2% of your adjusted gross income in miscellaneous itemized deductions, and the deductions must be itemized on Schedule A. Additionally, if you are subject to an Alternative Minimum Tax, miscellaneous deductions - such as management fees are not deductible.
Note: Management Fees paid for a tax-advantaged accounts (such as an IRA, 401k, etc.) are not deductible.