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| *Loan,banking and credit>>>income tax |
Can you deduct commissions/brokerage fees from income taxes? |
Can you deduct commissions/brokerage fees from income taxes? You deduct these costs from the sales price to arrive at the "net sales price". Paying taxes on the sale is explained in this link.... Source(s): http://home.ptd.net/~clofine/121new.htm... I think your question is whether or not you can deduct the fees for having a professional accountant prepare your taxes for you? If so, the answer is Yes. With a catch. The fee has be more than 2% of your income. This rule was used to help out people with small incomes, where such a fee could result in additional financial hardships. Your professional tax preparer should deduct that for you, just ask him/her if you qualify. If your question was about commission/fees from a brokerage firm for selling securities, the answer is No. You have to pay that yourself. |
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