Correction
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Correction "A flat rate for x trades should be logged as a deductible investment expense and not commissions. A commission is included in the cost basis of a stock only when it is directly tied to that transaction. " After re-reading your answer I think I understand it. Since it is not directly tied to our transaction (meaning its pulled at a different time) I am able to enter it as a deductible investment expense from our checking account. Now being deductible, we essentially can deduct this at the end of the year taxes? Still trying to learn, sorry about the excessive questions. Thanks Correct. The deductible expense will appear on your K-1 as "deductions-portfolio (2% floor)", box 13, code J. This will flow to your Schedule A (Itemized Deductions). Ira Smilovitz -----Original Message----- From: Kevin Egan <kfegan0088@bivio.com> To: club_cafe@bivio.com Sent: Wed, 18 Jun 2008 4:02 am Subject: club_cafe: Correction "A flat rate for x trades should be logged as a deductible investment expense and not commissions. A commission is included in the cost basis of a stock only when it is directly tied to that transaction. " After re-reading your answer I think I understand it. Since it is not directly tied to our transaction (meaning its pulled at a different time) I am able to enter it as a deductible investment expense from our checking account. Now being deductible, we essentially can deduct this at the end of the year taxes? Still trying to learn, sorry about the excessive questions. Thanks Get the Moviefone Toolbar. Showtimes, theaters, movie news, & more! |
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