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Level 2

Solved

Are wire transfer fees charged by my bank for my business considered "legal and professional fees"?

Forum|Forum|7 years ago
June 3, 2019
1 reply
5 views

I do business overseas, and have to regularly send funds to China via wire transfers...which my bank charges me for. Are these considered "legal and professional" fees, or are they considered something else? Where do I account for these fees in TT? They are expenses I incur as a part of my business...how do I account for them since they are not part of my "product"?

TurboTax Home & Biz Windows

Best answer by AlanT222

Those fees would be considered bank fees. You would place them in the other expense section and label the fees "Bank Fees."

Level 15

Those fees would be considered bank fees. You would place them in the other expense section and label the fees "Bank Fees."

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biggxjAuthor

Level 2

I assume by "other expense" you mean "other misc. expenses"? If so...thank you!