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Old 11-22-2014, 05:25 PM
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Attorney Fees Deduction

My co-owner was court ordered to buy out my half interest in a jointly owned rental property. I have incurred $20,000 in legal fees. I am assuming the $20,000 is a business expense filed on Schedule E since I was forced to the courts to get sale completed. I have a choice of settlement dates, 12/2014 or 1/2015. Since my legal fees occurred in 2014 would it be advantages to settle in 2014 and use the $20,000 as an expense or would it be better to settle in 2015 and use the $20,000 off my cost basis of property. Thank you.

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