All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

Reply
Highlighted
Valued Pioneer
Posts: 7
Registered: ‎03-18-2017
Accepted Solution

Can I deduct the cost of my financial adviser?

The cost for my financial adviser this past year was about $5k. Can I deduct this cost as an deduction in my taxes? If so, where would I enter it? 

Tax Pro
Posts: 4,804
Registered: ‎02-23-2016

Re: Can I deduct the cost of my financial adviser?

Hi Dhillon,

 

Welcome to the H&R Block community.

 

The cost of financial advising (which is a cost incurred in the pursuit of income) can be deducted as a miscellaneous expense on Schedule A.

 

Keep in mind that your allowable miscellaneous deduction is equal to the total of your miscellaneous expenses less 2% of your adjusted gross income.

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)