Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-22-2014, 05:25 PM
Junior Member
 
Join Date: Nov 2014
Posts: 3
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Still need information on special case for Tuition and Fees Deduction leopard Tax Credit 1 04-13-2012 12:01 PM
1099-c and attorney fees buckone Income 1 04-04-2011 08:14 PM
Which taxpayers are eligible to claim the Tuition and Fees Deduction? TaxGuru Miscellaneous 0 02-06-2011 10:44 AM
Top Ten facts about the Tuition and Fees Deduction Samatg For 2009 0 03-17-2009 03:10 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.