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ktroz
Level 3
June 22, 2020
Question

Amortization of legal fees

  • June 22, 2020
  • 6 replies
  • 39 views

First question, can I amortize legal fees?

If so, what is the recovery period? is it the fixed time frame of 15 years or can I pick something different?

and what is the IRC section code that I would need to use ? code 197?

This topic has been closed for replies.

6 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
June 22, 2020

what kind of legal fees? why would you amortize?  Heres the list of 197 intangibles in the ProSeries help file

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    ktrozAuthor
    Level 3
    June 22, 2020

    The legal fees were acquired from a decade long settlement. The fees are $120000 and was trying to figure out if we could spread this out over future years

    sjrcpa
    sjrcpa
    Level 15
    June 22, 2020

    What is the nature of the settlement? Did your client pay or receive?

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