Can i deduct asset management fees

If you are an MD Private Investment Counsel client, you can find your management fees for the year in your tax reporting package. The fees must be paid to a person whose principal business is advising others whether to buy or sell specific shares or whose principal business includes the administration or management of shares or securities.

The above information should not be construed as offering specific financial, investment, foreign or domestic taxation, legal, accounting or similar professional advice nor is it intended to replace the advice of independent tax, accounting or legal professionals.

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It followed that any expenses that were incurred in the management of those subsidiaries were deductible by those companies and not by the Trust. Deloitte comment While the facts of this case illustrate clear avoidance, we consider that it is a timely reminder to ensure related party transactions are documented correctly.

It is also important that taxpayers: Make sure agreements to provide management services are documented via a company resolution or an agreement between the related parties; Make sure the provision and payment of management services are accompanied by an appropriate invoice documenting the transaction; and Be wary of merely recording transactions by way of journal entry.

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Internal Mutual Fund Fees. Paying for Advice. Separately Managed Accounts. By Dana Anspach. Dana Anspach is a Certified Financial Planner and an expert on investing and retirement planning. Learn about our editorial policies. Reviewed by Janet Berry-Johnson. Article Reviewed February 27, Learn about our Financial Review Board. Article Sources. Part Of. Your Privacy Rights.