Can I deduct the legal fees to put a rental property into a trust? If so, where to I enter the deduction?

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Can I deduct the legal fees to put a rental property into a trust? If so, where to I enter the deduction?

Yes, you can deduct these fees because legal fees for your rental property are considered a business expense.

You enter the deduction on Schedule E.

To enter in TurboTax Premier:

Login

Go to Federal

Income & Expenses

Rental Properties and Royalties (Sch E), click Start

Go to Expenses

Enter as Professional Fees

For more information about allowable business expenses, follow this link: IRS on Rental Property

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Can I deduct the legal fees to put a rental property into a trust? If so, where to I enter the deduction?

Yes, you can deduct these fees because legal fees for your rental property are considered a business expense.

You enter the deduction on Schedule E.

To enter in TurboTax Premier:

Login

Go to Federal

Income & Expenses

Rental Properties and Royalties (Sch E), click Start

Go to Expenses

Enter as Professional Fees

For more information about allowable business expenses, follow this link: IRS on Rental Property

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