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Are fees on IRA funds tax deductible?
Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. You're right that investment fees paid to produce taxable income are tax-deductible. These expenses are miscellaneous itemized deductions subject to an overall reduction of 2 percent of adjusted gross income. The key to deducting the IRA fees is to cut a check or use a credit card to pay the broker the annual maintenance fees. For example, if your broker charges you $150 for the IRA annually, you need to pay this to the broker from non-IRA assets for it to be deductible. The payment is not considered an additional contribution, but rather a miscellaneous itemized deduction. On the other hand, if your broker charges a 1 percent-of-asset-value fee to invest your IRA, these fees cannot be reimbursed to the IRA. That would be considered an additional contribution as it is not an administrative fee. Since your broker is deducting this from your IRA, this investment charge is not deductible to you as it is coming out of pretax dollars Read more: http://www.bankrate.com/finance/taxes/are-investment-fees-tax-deductible.aspx#ixzz2vrNsfdej Follow us: @Bankrate on Twitter | Bankrate on Facebook
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Are executor fees taxable?
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
Can you take the fees credit card companies charge you for accepting credit card cards in your business as a tax write off?
These fees are part of the cost of doing business and reduce your taxable business income the same as other business expenses do.
What are the advantages of managed broker accounts?
In a self-directed brokerage account, the individual who owns the account manages their own portfolio. While less expensive in terms of fees, many investors are unsure of their knowledge and experience in the investment field or do not have the time to put into education. With a managed account, a broker is hired to manage an individualized portfolio on behalf of the owner. While this costs more in fees, it has the advantage of saving time as well as having the funds managed with professional expertise.
Can fees paid to a broker be classified as investment interest expenses?
No. Broker Fees are investment expenses but are not investment interest expenses.
Are executor fees taxable in New York state?
They are income for the executor. Yes, they are taxable.
What fees should I be aware of when hiring a broker to manage my investment portfolios?
The most important thing to be aware of when looking for a new broker is the rate of return on his investments for other clients. If he won't tell you, run the other way! Before hiring a broker, you should be aware of a plethora of fees. Many of these fees are hidden and should be looked into. Some of these fees include hidden charges that take a certain percentage of the interest you make on a stock. Other fees include redemption fees, exchange fees, account fees, and purchase fees.
What are some fees associated with Canadian bonds?
The biggest and most common fee associated with Canadian bonds is a broker fee. This is a fee payed to the broker who manages the money. Buying bonds on your own usually has no fees.
Are fees on IRA funds tax deductible?
Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. You're right that investment fees paid to produce taxable income are tax-deductible. These expenses are miscellaneous itemized deductions subject to an overall reduction of 2 percent of adjusted gross income. The key to deducting the IRA fees is to cut a check or use a credit card to pay the broker the annual maintenance fees. For example, if your broker charges you $150 for the IRA annually, you need to pay this to the broker from non-IRA assets for it to be deductible. The payment is not considered an additional contribution, but rather a miscellaneous itemized deduction. On the other hand, if your broker charges a 1 percent-of-asset-value fee to invest your IRA, these fees cannot be reimbursed to the IRA. That would be considered an additional contribution as it is not an administrative fee. Since your broker is deducting this from your IRA, this investment charge is not deductible to you as it is coming out of pretax dollars Read more: http://www.bankrate.com/finance/taxes/are-investment-fees-tax-deductible.aspx#ixzz2vrNsfdej Follow us: @Bankrate on Twitter | Bankrate on Facebook
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Are annuity survivor benefits taxable?
Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.
Where can one find an affordable mortgage broker?
You can contact boards of Realtors in your area for a current list of mortgage brokers. You can find out how many lending institutions each broker works with and what the fees are for each broker.
Why is it necessary to use a broker to make a trade?
Trade implementation fees are vital, but there are other brokerage fees to consider ... at the fees that might apply to you is indispensable to ensure that. Almost the whole thing you have is appeal something to someone. This conduct explains how to use business trade brokers to get the most for your pillage.So that's why we need to a broker.
What should the closing cost be on a 500K mortgage with no money down?
1.5% 1% If you negotiate with your mortgage broker It all depends on what type of mortgage you go into... General rule of thumb 2% of loan amount plus you have title charges, inspection charges, notary fees, appraisal fees, wire fees, etc. All these fees are disclosed in the Good Faith Estimate. If you have any questions contact your local mortgage company. Ok., from experience then: A recent deal I did included 3 properties valued at 700K. The first (blanket) mtg came in @ 440K and after shopping around I negotiated a 1% fee with my mortgage broker. Period. The actual answer is, it depends on your state. Title fees, appraisal, and sometimes tax stamps can vary from county to county and state to state. The best way to save on Origination fees and broker fees is not to use a broker...deal with the lender direct.
How do you collect broker fees?
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When buying stock will I get a better return, taking fees into account, with a full service broker or doing my own trades on line?
Working with a Stock Broker is a smart move they have the knowledge and expertise of the industry. As an individual you may not understand all the lingo or the stock market in general even including the fees typically using a Stock Broker will net the most return they will protect your intrest.
