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Updated over 10 years ago,

Raquel Baranow's profile image
Raquel Baranow's profile image
Raquel Baranow
  • from Tucson, Arizona
  • Member since Jan 4, 2013
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109
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17
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Raquel Baranow's profile image
Raquel Baranow's profile image
Raquel Baranow
  • from Tucson, Arizona
  • Member since Jan 4, 2013
Connect
Raquel Baranow
  • Tucson, AZ
17
Votes |
109
Posts
Tax, SDIRAs & Cost Segregation

Capitalizing legal fees related to realestate lawsuit

Raquel Baranow
  • Tucson, AZ
Posted

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?

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