Important Service Announcement: Based on user feedback we are not shutting down the TaxAlmanac.org website however the site is now an archived version as of June 2014. While all of the existing discussion threads and commentary will be preserved you will no longer be able to edit content, post to forums or create additional logins.

Discussion:Legal fees paid related to purchase of rental property

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> Legal fees paid related to purchase of rental property


Wkstaxprep (talk|edits) said:

26 February 2007
Client asked the following question below: note: expense was incurred in december '06, house was purchased in january 2007 (3 family, 2 units rental, 1 unit home owner occupied)


"Due to issues with the purchase of the house this year, as well as another house I was looking to purchase I had $3500 in legal fees, are they deductible ?"

Thank you for anyone who takes the time to reply.

Will

Deback (talk|edits) said:

February 26, 2007
I would add the legal fees to the cost of the house (including purchase fees paid at closing, less the cost of the land) and begin depreciation on the date the rental property was available to rent.

Wkstaxprep (talk|edits) said:

26 February 2007
thank you

To join in on this discussion, you must first log in.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Legal_fees_paid_related_to_purchase_of_rental_property"
Personal tools