If you write a check to pay an account fee, you donâ€™t need to do anything special in the investment register. You just write the check in the usual way. Categorize the check that pays an account fee as investment expense or a similar expense category. Items such as an Individual Retirement Account (IRA) and custodial fees are miscellaneous deductions.
At the time weâ€™re writing this, a miscellaneous deduction in excess of 2 percent of your adjusted gross income may be used as an itemized deduction. If you sell shares (or, more likely, the mutual fund manager sells shares) to pay an account fee, you need to do a little more work to record the account fee. You need to record a SellX transaction in the investment register, as described in the preceding section â€œDescribing the Share Sales.â€
Thereâ€™s a slight trick to recording this type of SellX transaction. The entry for the commission or fee equals the total sales amount. For example, if you record the sale of $10 of mutual fund shares to pay for, say, a $10 account fee, both the Total Amount and Comm/Fee boxes show 10. The XFer Amt box, as a result, shows as 0.