We've listed a few common deductions (not an exhaustive list) |
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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!
| Itemized Deduction |
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| Website or Chat room subscription costs for traders |
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| Subscriptions, including: Level II, data feeds, stock newsletters, newspapers, and others associated with trading/investments |
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| Trading books and trader publications, related magazines |
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| Club dues and memberships, if linked to trading/investing |
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| ISP fees |
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| Telephone costs (usually dial up costs, long distance charges). Must have separate line to claim 100% |
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| Rent, if leasing office space |
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| 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 |
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| Computer, and office supplies |
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| TV Cable fees, i.e. you use for CNN or FNN. |
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| Any wages paid to family members for assistance (e.q. spouse doing data entry of trade confirmations, reconciliations) |
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| Tax Preparation and advice, any fees associated with trading paid to a tax professional |
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| Auto expense when used in trading (i.e. mileage to seminars, tax prep, P.O. box) |
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| Office supplies (printer ink cartridges, paper...) |
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| Depreciation on all fixed assets used in trading |
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