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Can you write off Ameritrade trade fees from your taxes?

By Adz3r0 Asked Aug 10 2009 7:21AM
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by Sherri on Aug 10, 2009 at 8:57 am Permalink

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Yes, BUT this is an area that falls into the 'subject to the 2%' of your income and you must be able to itemize on your tax return. Let's say your income is $75K, 2% is $1500, so your union dues, Ameritrade fees, subscription to the Wall Street Journal, IRA fees, work equipment, uniforms, etc MUST be over $1500 before you ever get any deduction!
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Avatar Adz3r0 Aug, 10 2009 at 09:01 AM
Oh, I'll be in the clear! But thanks for clearing that up!

Answer 2 out of 3

by ThorThpot on Aug 10, 2009 at 7:25 am Permalink

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Yes. You can also write off a subscription to the Wall Street Journal, a portion of the computer you use to check stock prices, and most anything else you use to manage your stock trades.
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Avatar ThorThpot Aug, 11 2009 at 06:36 AM
Sherri, Sherri... If I say I use my computer an AVERAGE of 4 hours per day, and an AVERAGE of 1 hour is used on my investments, I claim a deduction of 25%, and the IRS doesn't question it; it's simple. Why would they? It's reasonable, it's appropriate use, they don't expect you to hire someone with a stopwatch to time you and see what website you're looking at each minute of each day. (But if you DID hire such a person, you'd be able to deduct THEIR salary too, lol)
Avatar Sherri Aug, 11 2009 at 07:33 AM
DUA = Deductible Until Audited!
Avatar Adz3r0 Aug, 11 2009 at 08:30 AM
I'm going to go with Thor, while preparing for an audit. People are too afraid of Audits. If it happens, it happens. I'll just give the money back. I wouldn't be doing anything illegal as far as I'm concerned.

Answer 3 out of 3

by Thriftymaid on Aug 10, 2009 at 8:58 am Permalink

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You don't have to pay tax on the trade fees.
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Avatar Adz3r0 Aug, 10 2009 at 03:38 PM
You can still write them off.


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