BobKamman
Level 15
04-03-2025
04:36 PM
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There are circumstances where some or all of the advisory fees are deductible. Treasury issued some obtuse regulations on this in 2020. Also, what are called "advisory fees" sometimes include commissions on trading, and you can use a reasonable method to "unbundle" them.
I allocate legal and accounting fees between taxable and exempt income, but if it made a big difference in tax I might take a second look at it.