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Can I deduct legal fees incurred at closing on a rental property? What about legal fees for setting up the companies (multi-member llc and a wholly-owned subsidiary)?
I know state & county tax "stamp" fees from closing get added to total cost of the property for depreciation rather than being deducted here, but what about legal fees? I also set up the company(ies) in 2017 - can I deduct those costs at this point (screenshot) too?
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posted
June 6, 2019
9:49 AM
last updated
June 06, 2019
9:49 AM
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Can I deduct legal fees incurred at closing on a rental property? What about legal fees for setting up the companies (multi-member llc and a wholly-owned subsidiary)?
All costs to purchase the property is added to the basis.
June 6, 2019
9:49 AM
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Can I deduct legal fees incurred at closing on a rental property? What about legal fees for setting up the companies (multi-member llc and a wholly-owned subsidiary)?
Cost to set up the partnership is not deducted on that screen ... they go on the deductions tab later.
June 6, 2019
9:49 AM
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