Tax Questions

[Caveman]

Buys and Sells on an IRA... I know that gains and losses are not reported, but... Can I deduct the buy/sell fees for an online account such as Ameritrade that are posted within that IRA when I make a buy/sell transaction?

 

[vi edit]

Commissions aren't deductible. Even if they were, it's a tax deferred account so there aren't capital loss/gains figured into it.

 

[Caveman]

Hmmm... Turbo Tax has an entry for fees I paid to manange my investments... My IRA is an investment... I can see not reporting gains/losses but account fees seem like another animal... Are you positive?

 

[vi edit]

Fees paid for investment advice/counsel are deductible. Fees paid for trading(aka commissions) are not.

http://www.schwab.com/public/schwab/res....html?refid=P-1783986&refpid=P-1106879