So I'm currently in a 30 day trial for Robinhood Gold. They are letting me use an additional 30,000 for $125 per month, aka $1,500 a year which is 5% interest annually. I had a correspondence with RH: Me: I am in my free trial period for Robinhood gold. After the trial, I will be charged $125 a month. My question is this: how will this charge show up on my tax documents in February after the trial? Will It show up as an interest expense (like Margin?) RH: Robinhood Gold fees will be reported as general brokerage non-interest fees on your tax documents. So my question is this... Can I write off these fees against my gains? If so, is this an itemized deduction? What I'm thinking is, if I have $10,000 in gains, and $1500 in 'general brokerage non-interest fee's, am I correct in thinking that this will come off the top, giving me $8,500 in gains that need to be taxes?
I think you are right that it would come of the top and it would be $8500 in gains. You would be best to consult with a tax consultant though...IMO
