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Can a costly stock investing seminar/trading program be a tax deduction?

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My wife purchased a stock investing education program from Investools for $5400. Can this be written off on my tax return as a deduction?


This entry was posted on Tuesday, July 27th, 2010 at 7:30 pm and is filed under 323. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

7 Responses to “Can a costly stock investing seminar/trading program be a tax deduction?”

  1. Doctor J Says:
    July 27th, 2010 at 8:29 pm

    I believe you can write it off against investment earnings. For $5400, it must have made you a lot of money! Best if you ask you CPA.

    I’m a CPA , and I do this for a living.

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  2. PassntlyNasty Says:
    July 27th, 2010 at 9:31 pm

    Definitely. List it w/in loses you’ve sufer’d throuh the year.

    I’m a CPA , and I do this for a living.

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  3. bubba1pup Says:
    July 27th, 2010 at 10:32 pm

    It all depends on if you borrowed the money to buy the shares or if you paid for them outright if you borrowed and still owe money on the loan then you can negative gear the shares at tax time, speak to your accountant, because if you are uses the investment for an income you will have to pay tax on the earnings.

    I’m a CPA , and I do this for a living.

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  4. Steve Says:
    July 27th, 2010 at 11:30 pm

    You can write it off as an investment expense as part of your itemized deductions.

    I’m a CPA , and I do this for a living.

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  5. Goofy law student Says:
    July 28th, 2010 at 12:29 am

    No, Publication 529 which covers “Miscellaneous Expenses” expressly prohibits deducting “Investment-related seminars”

    “You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes”

    Sorry, I hope it at least worked for you.

    Irs Pub. 529

    http://www.irs.gov/pub/irs-pdf/p529.pdf

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  6. Goofy law student Says:
    July 28th, 2010 at 12:29 am

    No, Publication 529 which covers “Miscellaneous Expenses” expressly prohibits deducting “Investment-related seminars”

    “You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes”

    Sorry, I hope it at least worked for you.

    Irs Pub. 529

    http://www.irs.gov/pub/irs-pdf/p529.pdf

    Report this comment

  7. flying_eagle Says:
    July 28th, 2010 at 1:30 am

    It depends if your stock trading is a business.

    If it isn’t and simply anvesting well it isn’t.

    Trading Stocks (Shares)
    http://www.mysharetrading.com/

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