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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
".... or if this still falls under general estate matters."
Unfortunately, the expenses most likely fall under general estate settlement rather than being property-specific.
Even if the latter were the case, you cannot deduct legal expenses to defend, protect, or recover title to real estate even if the property were rental property at the time the expenses were incurred (those expenses would be capitalized and added to the property's basis, however).
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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
".... or if this still falls under general estate matters."
Unfortunately, the expenses most likely fall under general estate settlement rather than being property-specific.
Even if the latter were the case, you cannot deduct legal expenses to defend, protect, or recover title to real estate even if the property were rental property at the time the expenses were incurred (those expenses would be capitalized and added to the property's basis, however).
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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
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My husband's father's estate finally closed last year, and we paid attorney fees. We also rented out the property for the entire year. Can we deduct the attorney fees?
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