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Can I deduct fees for tax preparation software or professional tax preparer expense on schedule E for rental property?

 
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1 Best answer

Accepted Solutions
maglib
Level 11
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct fees for tax preparation software or professional tax preparer expense on schedule E for rental property?

Tax prep fees are deductible on Schedule E as Legal & Professional Fees which flow to line 19(other) of the Schedule E.  Do note the IRS would possibly limit your deduction to the amount of the fees properly allocable to the rental property and not just your personal return.  

 

@Shiney2   

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2 Replies
maglib
Level 11
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct fees for tax preparation software or professional tax preparer expense on schedule E for rental property?

Tax prep fees are deductible on Schedule E as Legal & Professional Fees which flow to line 19(other) of the Schedule E.  Do note the IRS would possibly limit your deduction to the amount of the fees properly allocable to the rental property and not just your personal return.  

 

@Shiney2   

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.

Can I deduct fees for tax preparation software or professional tax preparer expense on schedule E for rental property?

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