Investment expenses are the taxpayer's allowed deductions directly connected with the production of investment income. With regards to the Tax Cuts and Jobs Act, investment expenses that a taxpayer can deduct on his or her California income tax return for tax year 2018 include all of the following except:

Investment interest expense

Depreciation allowed on assets that produce investment income

Depletion allowed on assets that produce investment income

Software or online services used to manage the taxpayer's investments