ncCPAp on the GO!

  • 1.  Portfolio Deductions

    Silver Most Valuable Member
    Posted 08-06-2019 12:51
    A new client is an investment partnership. Income and expenses are reported on Schedule K. Income consists of interest, Dividends, Capital Gains. Major expenses consist of Investment interest, Management fees, and Accounting fees.

    Query - for 2018, Wouldn't these expenses qualify as 13L Portfolio Deductions under 13L fully deductible other deductions.

    All responses are greatly appreciated.

    Peter B. Morse, CPA