I have one rental property. Last year, we setup a living trust for our own home as well as for the rental property. Can I deduct part of the lawyer fee for the living trust as an expense on my rental property? The category of rental property expense is "Legal and professional".
Thank you in advance.
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The living trust is a personal expense.
but according to this article below
It seems to be deductible for the living trust portion that is for rental property.
A living trust is an estate planning tool and is a personal expense. The fact that an investment is included in that plan doesn’t change that.
I had a 30 mins session with a CPA today to go over my tax question today. Per CPA, you can deduct the rental portion of the living trust as an expense in your rental property. So, the answer is YES.
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