Only your manager of the portfolio that has the US government bonds can tell you what part of the investment fees applied to the bonds and what part did not.
If you can't get an answer, you might try some formula on allocation by percentage of taxable versus nontaxable bonds. Write down what you do, in case the state of California asks.
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For the first time, I am encountering this elimination of the "investment advisory fees" as a Schedule A Miscellaneous deduction. All the TT posts I see talk about possibly still being able to take that deduction on a CA state return, which does not apply to me.
Question: Is there any other way to still take this deduction on a federal 1040 return? Seems intuitive that this should be able to be taken as a straight reduction of the income generated through the advisor's input; but I am wary of making any adjustments to the income amounts reported on my Forms 1099-DIV and 1099-B.
For the record, I am self-employed and file Sched. C. But I am in process of retiring and my self-employed income is rather low in recent years. Also my investments are not really connected to my self-employment, except that they provide me with needed additional income.