If the legal fee can be added to cost basis which will be used to determine gain on sale, can the legal fee be added to cost basis for depreciation schedule for a rental property that is not going to be sold?
Also if the legal fee encompassed several properties but fee was lump sum for everything, is there way to break out the legal fee between the properties or should I just pick one and allocate to that one?
What type of other costs can be included in establishing inherited cost basis? So far I have appraised FMV, cost of capital improvements, appraisal fee, and now legal fee. Anything else? What is source for finding allowable costs to be included in cost basis?
