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List of some common deductions, some can be used on Schedule A ( Investor), most can be used on Schedule C (Trader, MTM Trader) *)
Feel free to print this page out and use as a checklist to ensure you have included all the necessary receipts and information with your tax information/return.
Do you have some other expenses and are you wondering if they might be tax-deductible? Email us your question!
Can I claim a Home office deduction?
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| Chat room subscription costs for traders | |
| Subscriptions, including: Level II, data feeds, stock newsletters, newspapers, and others associated with trading/investments | |
| trading books and trader publications, related magazines | |
| Club dues and memberships, if linked to trading/investing | |
| ISP fees | |
| Telephone costs (usually dial up costs, long distance charges). Must have separate line to claim 100% | |
| Seminars attended, including transportation and lodging costs (trading seminars, conferences, courses) | |
| Rent, if leasing office space | |
| Interest paid, on schedule A for investor, C for trader. On schedule C all can be written off, on A tied to investment income. Additionally, credit card interest used for purchasing stocks, if properly segregated can be used. Any interest charges for equipment can also be used as deduction | |
| Computer, and office supplies | |
| TV Cable fees, i.e. you use for CNN or FNN. | |
| Any wages paid to family members for assistance (e.q. spouse doing data entry of trade confirmations, reconciliations) | |
| Home Office expenses, however, need to review
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| Tax Preparation and advice, any fees associated with trading paid to a tax professional | |
| Auto expense when used in trading (i.e. mileage to seminars, tax prep, P.O. box) | |
| Office supplies (printer ink cartridges, paper...) | |
| Depreciation on all fixed assets used in trading | |
* This is not an exhaustive list.