Investment advisory fees may qualify as an itemized deduction

— -- Need help with your taxes? USATODAY.com will publish a reader's question and the answer from a member of the American Institute of Certified Public Accountants (AICPA) every weekday until April 15. Today's question:

Q: My investment firm charges me a fixed annual fee for managing my portfolio of stocks. Is this deductible?

Answer from AICPA member Jordan D. Amin: Investment advisory fees for an individual are deductible for federal income tax purposes as a miscellaneous itemized deduction on Schedule A of your tax return.

Miscellaneous itemized deductions are deductible to the extent that they exceed 2% of your Adjusted Gross Income (AGI).

Depending on your individual tax situation, miscellaneous deductions may be additionally limited due to the alternative minimum tax.

FOr more information:

IRS Publication 529:Miscellaneous Deductions (pdf)

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