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Page 61 of 63 |
Expenses for the production of income are deductible. What falls within this classification? |
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This class of deductible expenses includes most expenses in connection with rental property or investment property, such as investment advisory fees, maintenance expenses and repairs of rental real property, and any other ordinary and necessary expense incurred to produce income or to manage, conserve or maintain income-producing property. It also includes expenses incurred in connection with the determination, collection, or refund of any tax. Thus, it includes tax preparation fees for preparing individual income tax returns, among other things, and the costs of tax litigation or other disputes.
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