I recently incurred Legal Fees as a result of Estate Tax Planning and the drawing up of Trusts. My question is: What percentage of the legal fee's can I deduct from my income taxes? For example, can I take 50% of the total amount charged by the Attorney and take that amount off my taxes as a miscellaneous deduction subject to the 2% rule? I understand that legal expenses incurred for Tax Planning are a deductible expense. However, the IRS Pubs are not very clear in this area. Also, the Attorney didn't separate his fee into Tax Planning and the preparation of the Trusts. Can anyone give me some insight on how to handle this matter? Stock Bull
Ask the attorney to provide a breakdown.
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