are custody fees tax deductible?
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A: There are tax deductions for certain types of fees related to your finances and investments. Line 221 of your tax return – carrying charges and interest expenses – is for claiming management or safe custody fees, investment counsel fees, and similar expenses. ... Fees for your investments may be deductible, Patti.
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Fees related to accounts that are tax sheltered, like RRSPs, RRIFs, pensions, or RESPs are never tax deductible. ... The investment fees that you can claim for your non-registered accounts, Patti, are “fees to manage or take care of your investments” or “fees for certain investment advice”.
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Legal fees to remortgage a property are tax deductible against rental profits, and are not capital expenses at all – so, be sure to claim these costs (along with lender fees) in your rental accounts, and beware that if you don't, these can't be claimed against any future capital gain (only the legal fees to initially ...
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While the initial fees for setting up a financial plan or investment portfolio aren't tax deductible, any recurring fees or retainers you might pay for your financial adviser to maintain them, will be. ... So that's regarded by the ATO, in tax terms, as a capital expense – and they're not tax deductible.
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Financial advice fees for servicing an existing investment portfolio are allowed as a tax deduction. However, to be fully deductible, the fees must relate to earning income.
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Manager fees are not deductible. You should allow a deduction for fees paid to a professional adviser only to the extent that they are directly referable to the cost of acquiring or disposing of each particular investment.
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While a loan origination fee is tax deductible, many other closing costs are not. ... Aside from origination charges and loan discount fees, the only deductible items are property taxes and mortgage interest paid.
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ARE CMHC FEES TAX DEDUCTABLE for rental houses? - YES! ... Although all other expenses in a rental house are considered to be on a cash basis and only deductible in the year you actually pay them, the CMHC mortgage fee is usually spread over 5 years at 20% a year.
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Taxpayers are no longer allowed to take miscellaneous items deductions such as unreimbursed employee expenses, tax-preparation fees, investment fees and the cost of safe deposit boxes. ... For divorces that are finalized after 2018, individuals who make alimony payments will no longer be allowed a deduction.
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According to the Canada Revenue Agency, you can deduct fees for only specific types of investment advice. ... This means that transaction fees to buy and sell investments – commissions, sales charges, etc. – cannot be deducted. Management fees charged on an ongoing basis for managing your investments are deductible.
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If the financial planning advice is to establish a plan or the advice does not relate to assets or investments that presently generate taxable income, then the advice fees are not tax deductible. If the advice expense is in relation to ongoing advice for an existing portfolio then the expenses may be deductible.
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In general, legal fees that are related to your business, including rental properties, can be deductions. ... Fees related to farm income and expenses (should be included on Form 1040, Schedule F). Fees related to whistleblower claims (should be included on Form 1040).
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You can deduct reasonable accounting fees you paid for help to prepare and file your income tax and benefit return. ... However, you must reduce your claim by any amount awarded to you for those fees or any reimbursement you received for your legal expenses.
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General Rule: Personal Legal Fees are Not Deductible Personal or investment-related legal fees are not deductible starting in 2018 through 2025, subject to a few exceptions. In the past, these fees could be deductible as a miscellaneous itemized deduction.
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Car registration fees are not deductible in NJ, but sales tax can be deducted on your federal return. You have the option of claiming either general state/local sales taxes OR state/local income tax.
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Good news, everyone. Yes, your child's preschool expense is tax deductible, but only through the child and dependent care credit. As long as you qualify for that, you can absolutely claim your child's preschool expenses on your tax return forms.
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Attorney, accountant, and preparer fees Although Schedule A of Form 1040 limits deductibility for attorney, accountant, and return-preparer fees, Form 1041 allows you to fully deduct these fees. ... You are only allowed to deduct the portion attributable to the taxable income.