Question

I have paid close to $10,000.00 to my brokerage for converting USD to CAD and CAD to USD. How do I claim this on my taxes?

Forum|Forum|1 year ago
February 25, 2025
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If the fee is applied as part of a purchase, it can be added to your basis in the asset. If it is applied to the sale, it can be subtracted from the sales price. Include the cost when you enter a purchase or a sale as applicable.

Otherwise, broker fees for managing investments aren't deductible under current Federal law as miscellaneous itemized deductions. If you live in a state that still allows miscellaneous itemized deductions, you can enter then in the Federal section and the information will flow through to your state return.

See IRS Tax Topic 703 for more information.

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