Miscellaneous itemized deductions in excess of 2 percent of your adjusted gross income (AGI) can be deducted. Thus, if your AGI in 2002 was $60,000, your threshold is $1,200. If your miscellaneous deductions add up to $2,000, you can claim an $800 deduction. One way to boost these deductions is to count all of your investment expenses, such as:
- subscriptions to publications you rely upon for investment advice
- purchase price of books related to your investments
- depreciation on a home computer to the extent used for investments
- cost of computer software and on-line
- services used to track your investments
- legal, accounting, or advisory fees related to your investments
- travel expenses–such as trips to visit your broker or financial planner–related to your investments
- service charges on dividend reinvestment plans
- rent on a safe deposit box used to store income-producing securities and related documents
- IRA trustees’ fees, if billed and paid separately
Unfortunately, the costs of traveling to or attending investment seminars aren’t deductible.