stock sales and expenses

[Pacun]

I want to double check this:

I have a statement from Robinhood Securities LLC for stock sales. 

Short termed:
Proceeds $1,500, basis $1000

Long Term:
Proceeds $2,000 and basis $1,200

The report shows $400 in expenses. Is Schedule A, itemized deductions, the only place to deduct those $400

[GraceNY]

Perhaps Form 8949, (e) "Expenses not included in proceeds or basis."

[GraceNY]

Just now, GraceNY said:

Perhaps Form 8949, (e) "Expenses not included in proceeds or basis."

It's the Form 8949 "Input Sheet."

[Possi]

I believe that is for informational purposes only and not deductible anymore. But, I've been wrong before. 

[Gail in Virginia]

My first inclination was the same as Possi.  But I did not think that Robinhood provided management/advisory services.  So if these were actually expenses of the sale (although they seem high for that) then perhaps Grace is correct.  So basically, like all tax questions I need to know more information and until then my answer is "it depends."   

[Lee B]

Hmm, Robin Hood advertises they are commission free?

[jklcpa]

It has other fees. Below is from the site, and the fee schedule booklet can be found at the link "RHF Fee Schedule" on its legal and disclosure page.

Quote

Commission-free trading refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial’s fee schedule to learn more.

 

[Pacun]

Let me change the name of the company to Fidelity investments to make it easier and let's say that the fee is only $100. Is Schedule A the only place to deduct that reasonable price?

 

[mcbreck]

You can't deduct on A anymore.

Only time I've seen it where it was deductible was when a client paid a special fee to trade a stock on a foreign exchange - we included it in their cost basis. Otherwise I think it's very likely a lost expense. For example, wiring funds will show up often times as an expense and you can't deduct that. Look through the 1099 and see if it gives a reason for the expense and whether it should be included somewhere.

[Abby Normal]

3 hours ago, GraceNY said:

Perhaps Form 8949, (e) "Expenses not included in proceeds or basis."

The problem is know whether it was included in the proceeds or basis by the broker.