Skip to content
Tax, SDIRAs & Cost Segregation

User Stats

108
Posts
16
Votes
Raquel Baranow
  • Tucson, AZ
16
Votes |
108
Posts

Capitalizing legal fees related to realestate lawsuit

Raquel Baranow
  • Tucson, AZ
Posted Sep 21 2014, 12:05

Last year I had about $60k in legal fees, which I classified as a business expense. Should I have capitalized the $60k (or a part of the $60k)?

I sold the land related to the legal-fees/lawsuit and am now going to have to pay capital gains.

Should I amend my 1040 and capitalize the fees?

Loading replies...