Section 212 Portfolio Deductions
With no deduction for any miscellaneous itemized deductions under irc section 67 starting in 2018 no section 212 expenses can be deducted at all which means individuals lose the ability to deduct any form of financial advisor fees under tcja regardless of whether they are subject to the amt or not and all.
Section 212 portfolio deductions. Deductions portfolio formerly deductible by individuals under section 67 subject to 2 agi floor. The deductibility of section 212. For taxpayers other than individuals deduct amounts that are clearly and directly allocable to portfolio income other than investment interest expense and section 212 expenses from a remic.
Notes this page was last edited on 29 april 2018 at 22 44 utc. Text is available under the creative commons attribution sharealike license. However how the expenses are deducted depends on the nature of the expenses.
94 12 set out as a note under section 44 of this title. 94 12 see section 208 c of pub. While an individual cannot take miscellaneous itemized deductions like those on irc 212 trusts still can to a degree.
Money taxes investment taxes deductibility of investment expenses. Nonetheless the point remains.