Combining investment management fees and charging to IRA
I have a disagreement with a CPA. He claims that a mutual client can combine investment management fees for all of his accounts (both taxable and IRA) have have the fees charged to the IRA. I strongly disagree and believe paying the investment management fees for the taxable accounts from the IRA assets would be deemed a distribution. We cannot agree and I was wondering if there is a specific reference in the IRS code or ruling that I could cite to make my point.
Permalink Submitted by Al Fry on Thu, 2007-12-13 18:42
I believe you are correct, however the fees may be deductible as well. Unless the IRA is doing poorly, however, why would one do that?
Permalink Submitted by [email protected] on Wed, 2008-01-30 18:30
i do not think it is uncommon to lump all fees into an ira. in doing so, you ensure that 100% of fees are tax deductible whereas taking from a taxable account does not.
my understanding is that the IRS has not provided guidance in this area.