Investment Expenses

When can you deduct these expenses? The IRS tells you can deduct them if they are ordinary and necessary for the production of income or management, conservation or maintenance of income producing property. Some examples are: my favorite- tax preparation fees, investment advisory fees, retirement plan custodial fees if paid with funds outside of the plan, safe deposit box fees, the cost of maintaining estate real property until distribution, depreciation on your computer used for online investing, lunch with your broker if you pay for it, and books and  newspapers like the WSJ dealing with investments. You cannot deduct the broker's commissions on stock trading as that cost is added to the basis of the investment. You also cannot deduct the cost of investment seminars or conventions.