Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: jeff_g Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123001  
Subject: Deducting Legal Fees. Date: 4/13/1999 11:24 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The tax code says: If you retain an attorney in an effort to produce taxable income or in connection with collection or refund of any tax, the fees you pay are deductable.

It also says that generally fees to contest a Will are not deductable because the income produced is not taxable.

I paid an attorney in 1996, 1997, 1998, and 1999 to defend a Will. The death of the family member was in 1995. The other party through a series of deceptive and delaying tactics was able to delay settlement of the estate until late 1997. For reasons that I don't quite follow, the majority of the settlement is now taxable The income was received in 1998 and 1999.

Can I deduct my attorney fees paid to date for the taxable income I received in 1998?

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Berkshire Hathaway

How to Improve Wal-Mart
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.