Legal Fees

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • BillV
    Junior Member
    • Jun 2010
    • 27
    #1

    Legal Fees

    Are legal fees to improve upon payment of an Oil Lease deductible?
    Tags: None
    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872
      #2
      Originally posted by BillV
      Are legal fees to improve upon payment of an Oil Lease deductible?
      What means "improve upon payment"?
      Maybe to negotiate a new lease on better payment terms?
      ChEAr$,
      Harlan Lunsford, EA n LA

        Comment

        • BillV
          Junior Member
          • Jun 2010
          • 27
          #3
          Legal Fees

          Yes, to obtain better terms and money.

            Comment

            • erchess
              Senior Member
              • Jan 2007
              • 3513
              #4
              Normal Sch E item

              Legal fees are one of the enumerated expenses on the first page of Sch E and I would think these would be the same as any others.

                Comment

                • ChEAr$
                  Senior Member
                  • Dec 2005
                  • 3872
                  #5
                  Originally posted by BillV
                  Yes, to obtain better terms and money.
                  Then the legal fees bear a proximate cause to collection of income and are therefore deductible.
                  ChEAr$,
                  Harlan Lunsford, EA n LA

                    Comment

                    Previous template Next

                    Disclaimer

                    Collapse

                    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                    Working...