What if I paid a fee to my advisor?

If you paid $6,000 in fees to your advisor, $2,000 of that would have been eligible for the deduction. The Tax Cuts and Jobs Act, however, eliminated these deductions beginning with the 2018 tax year. This change to the tax code, along with others established by the act, are set to remain in effect through 2025.

Are financial advisor fees tax deductible?

The Tax Cuts and Jobs Act may have cut tax deductions for financial advisor fees, but you can still find handy tax breaks. While financial advisory fees are not currently tax deductible, there are some other ways to get some tax relief from engaging a financial planner and benefiting from their services.

Are investment advisory fees deductible?

If the payment to your financial advisor is for counsel that has no bearing on producing assessable income, then the investment advisory fee is not deductible. Alternatively,