ILLMAS Posted March 17, 2021 Report Share Posted March 17, 2021 I haven't seen a 1099-B with fees in a while (was reporting on Sch A), but were do I report them in 2020 if allowed, TP paid a lot. Thanks MAS Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted March 17, 2021 Report Share Posted March 17, 2021 On the 1040 there's nowhere to report it; that deduction is suspended per TCJA til 2026. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 17, 2021 Author Report Share Posted March 17, 2021 Thank you, just didn't want to miss out on deduction for my client, largest brokerage fee I have seen in my years of tax preparation. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 17, 2021 Report Share Posted March 17, 2021 Check the states, though. Not all are in lock-step with the TCJA. 2 Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted March 18, 2021 Report Share Posted March 18, 2021 5 hours ago, ILLMAS said: largest brokerage fee I have seen How much? And is there anything in the account to justify it? Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted March 18, 2021 Report Share Posted March 18, 2021 Saw one earlier today. 434 different sales some with only a 5 cent gain. fee excess of 10k. TP is not a broker and doesn't know how to read statements. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 18, 2021 Author Report Share Posted March 18, 2021 TP sold over $200k in stocks, gain was like $7k, fees were around 1,500. Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted March 18, 2021 Report Share Posted March 18, 2021 Just looked up a couple old returns. One in 2017 $28K, one in 2014 $19K. Current client has two accounts at Fidelity. One fee is $7K the other is $16k. When his employer was bought out, I think he received around $1.5 to $2 million and the advisor fees the next year were $21K. When I asked a guy I know at Raymond James, he said those Fidelity fees were in line with his. He said, the fee is around 1.5% to 2%, 1% for accounts of $1.5 million and 0.9% if client has $3mm+. 1 Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted March 18, 2021 Report Share Posted March 18, 2021 At first I thought the advisor for the client w/ the $28K fee in 2017 didn't have the fee listed on the 2019 1099, but I was wrong. The fees were $25K in 2018 & $22K in 2019. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 18, 2021 Author Report Share Posted March 18, 2021 13 hours ago, Slippery Pencil said: At first I thought the advisor for the client w/ the $28K fee in 2017 didn't have the fee listed on the 2019 1099, but I was wrong. The fees were $25K in 2018 & $22K in 2019. Wow, my client paid peanuts compared to those fees. Quote Link to comment Share on other sites More sharing options...
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