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Are bank charges of any kind tax deduct?

Sent to Tax Experts April 19 07:25 PM

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April 19 7:41 PM (16 minutes and 10 seconds later)
         
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If the charges are related to a business account or a business activity they would be deductible. Early withdrawal penalties on CDs, savings, etc are adjustments to income. Late fees on mortgage payments can be included as mortgage interest. Regular bank charges, not related to business activities, however are not deductible.
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R. Greg Paszkiewicz -- Enrolled Agent -- 98% Positive Feedback on 349 Tax Accepts
9 years preparing tax returns - Marietta, GA
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