Financial: Bought an Investment

You may take deductions for certain expenses you incur in the production of taxable investment income such as management fees, advisory fees, custodial fees, and investment periodicals. Qualified investment expenses are deductible on Schedule A to the extent that they exceed your investment

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Financial: Had Debt Forgiven

The tax impact of debt forgiveness and cancellation depends on your individual facts and circumstances. Generally, if you borrow money and the lender later forgives the debt, you may have to include the cancelled amount in income for tax purposes.

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Financial: Had Stock Transactions

If you invest in stocks, bonds, or mutual funds, you may be able to deduct certain expenses related to your investments. These expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. Investment expenses are included as a miscellaneous expense on Schedule A subject to 2% AGI.

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