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Treatment of Legal Fees in relation to 5 year lease agreement

  • 07-07-2016 10:34am
    #1
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭


    Hi all,

    Small query which I hope someone can clarify.

    Should legal fees incurred on the creation of a 5 year lease of a building be capitalised to leasehold additions or can they be expensed in year 1 as legal costs?


Comments

  • #2
    Timmyr
    Registered Users, Registered Users 2 Posts: 369 ✭✭Timmyr


    HcksawJimDuggan wrote: »
    Hi all,

    Small query which I hope someone can clarify.

    Should legal fees incurred on the creation of a 5 year lease of a building be capitalised to leasehold additions or can they be expensed in year 1 as legal costs?


    Should be treated as an expense


  • #3
    cocker5
    Registered Users, Registered Users 2 Posts: 3,274 ✭✭✭cocker5


    HcksawJimDuggan wrote: »
    Hi all,

    Small query which I hope someone can clarify.

    Should legal fees incurred on the creation of a 5 year lease of a building be capitalised to leasehold additions or can they be expensed in year 1 as legal costs?

    Purchase legal fees can be capitalised.. not for leases I'm afraid


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