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April 5, 2023
Question

Can we deduct fees paid to Turbotax to prepare federal and state return as Professional and legal fees for rental expenses?

  • April 5, 2023
  • 1 reply
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1 reply

CatinaT1
April 5, 2023

Yes, but only the portion of the fees related to preparing the rental income portion of your return.  The percentage of the fees associated with this activity will depend on what other income your return reports. Determine a reasonable percentage of the total fee to attribute to the rental income activity.

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iamanengrAuthor
April 16, 2023

Thank you for the guidance.