Every serious investor knows that it costs money to make money.
Fortunately, tax law allows you to deduct certain expenses that are associated with investments that produce taxable income. Expenses attributable to rental property are deductible from gross income and not subject to the 2 percent floor. Here are some of the more common investment expenses that may be deductible on Schedule A, subject to the 2 percent limit. Fees that are automatically deducted from your account are not deductible. Bear in mind that you may not deduct travel expenses associated with a trip to attend an investment or financial planning seminar, convention or meeting, nor may you deduct the cost of the seminar or convention itself.