Deduct Software Expenses?

R

ratan961

Does anyone know the answer to the following tax question?

Can an investor deduct expenses associated with investing software? Note: I'm not going to claim Trader status. Just investor.

Specifically:
-I use TradeLog to create my Schedule D
-I use CSI's Unfair Advantage for market data
-50% of my Internet service is used for trading

Can I deduct these expenses on my Form 1040 Schedule A?

Thanks.
 
Quote from ratan961:

Does anyone know the answer to the following tax question?

Can an investor deduct expenses associated with investing software? Note: I'm not going to claim Trader status. Just investor.

Specifically:
-I use TradeLog to create my Schedule D
-I use CSI's Unfair Advantage for market data
-50% of my Internet service is used for trading

Can I deduct these expenses on my Form 1040 Schedule A?

Thanks.
More...

Generally speaking, yes, but the expenses are reduced by 2% of your adjusted gross income.

Check IRS Pub 590.

I'm not a tax professional. Do your own due diligence.
 
Thanks for the info.

I entered the deductions into TurboTax but they didn't exceed the 2% limit, so it's all for naught anyways.
 
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