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sharmoren0112
Level 4
April 3, 2024
Question

Expensing Architect fees on a rental?

  • April 3, 2024
  • 1 reply
  • 9 views

Client has a rental property & is adding on to it. Are the architect fees deductible in the year they were paid? Please advise. Thank you!

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1 reply

IRonMaN
IRonMaN
Level 15
April 3, 2024

That would be added to basis when they are done with the construction.

Slava Ukraini!
    S
    sharmoren0112Author
    Level 4
    April 3, 2024

    I apologize for not giving you the whole picture. Is this still true if it crosses two tax years? Architect fees were paid in 2023, but construction may or may not be dine in 2024. If the client decides NOT to build-on, but sells the existing rental & replaces it with a larger property, how would I account for that?

    IRonMaN
    IRonMaN
    Level 15
    April 3, 2024

    I would still add it to basis.

    Slava Ukraini!
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