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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16575
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi I just asked a question and you answered, with the lawyers

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Hi I just asked a question and you answered, with the lawyers fees in a business sale. my next question was in reference to the tax year. the legal fees continued into 2013 over the same sale. I'm assuming that I can only deduct what I incurred up to Dec 31, 2012 and then the rest would go into my 2013 tax returns?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

Yes, you are correct. As a cash basis tax payer you can deduct only what you have spent out. If you spend any money during 2013 then you would handle that money spent on your 2013 return

MyVirtualCPA :

Please don't forget to rate my response as 'excellent' so that I may receive credit for assisting you today

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Denzil,

I see you were unable to join our chat. Please take a moment to review my response, and once satisified, rate as "excellent" so that I may receive credit for assisting you today. Thanks again.