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If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.
The rules for writing off investment advisory fees and asset management fees in taxable accounts come down to this: 1  Investment advisory fees are tax deductible only on portions that exceed 2 percent of your adjusted gross income. You write them off by listing them on Schedule A under Job Expenses and Certain Miscellaneous Deductions.