LEGAL FEES FOR PRIVATE INVESTMENT

adammoceri · ‎April 06, 2024

I had significant legal fees in 2023 related to the legal review of and negotiation of documents for a private investment in a company that began operation in 2023. Can I write these off? I have not received any investment income or dividends yet and do not expect to for two more years.

xmasbaby0

https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/can-i-deduct-legal-fees-on-my-taxes/...

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jtax

I would think that you would add these costs to the basis of the property resulting in a smaller gain (or larger loss) when you sell, exchange, or dispose of the asset.

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LEGAL FEES FOR PRIVATE INVESTMENT