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N
Nicabeck12
March 20, 2021
Question

legal fees LLC

  • March 20, 2021
  • 1 reply
  • 0 views

Last year I bought into an LLC and paid legal fees for my purchase of the share. Is there a place to deduct the legal fees? I was given a K-1 which did not include those. 

    1 reply

    T
    ToddL99
    March 20, 2021

    You cannot deduct the legal fees in 2020.

     

    Any legal fees you paid to purchase shares of an LLC are added to the cost basis of those shares, and deducted when you sell the shares.

     

    When you sell the shares, those fees will be deducted from the proceeds to calculate your capital gain/loss.

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