Message Font: Serif | Sans-Serif
No. of Recommendations: 0
If I make more than $2400 in my stock investments, Can I claim the EIC? Also can I claim the transaction fees that my Broker charged throughout the year in my taxes?

As our recently departed President might say, it depends on what "make" means. If you had investment income (the total of lines 8a, 8b, 9, and 13 of the 1040) of more than $2400 you are ineligible for the EIC in 2000.

I'm assuming the transaction fees are broker's commissions. The add to your basis and reduce your proceeds, thus affecting the amount of capital gain or loss that you recognize. You don't take them as a separate deductions.

Phil Marti
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.