Tax Question on Buy/Selling Stocks

[microAmp]

If I get charged $29.95 for buying and selling stock on each trade can I use the Selling commision as a tax detuctible?

 

[GasX]

Yes.

Subtract Brokerage fees from net gains.

 

[Cerebus451]

Yes, you apply the commission on both ends. On the sale end you deduct it from the total to get the net proceeds. On the purchase end you add it in to get the cost basis. At least, that's the way I've always done it. My E*Trade 1099 also deducts their commission from the total sale when they list the net proceeds.