After I sold a rental property, I incurred legal expenses related to it. Can I deduct the legal expenses of the sold property from other rental income?
After I sold a rental property, I incurred legal expenses related to it. Can I deduct the legal expenses of the sold property from other rental income?
Adding to the question, what happens if the sale of the rental property occurred in one year and the legal expenses occurred in the next year ? I have that situation to deal with now, a rental property sale in 2017 and legal expenses in 2018.
After I sold a rental property, I incurred legal expenses related to it. Can I deduct the legal expenses of the sold property from other rental income?
Yes, you may deduct it under Professional Fees on screen Enter Common Expenses.
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