QUESTION
Can i enter fees paid to my attorney in a. Civil suit as an itemized deduction on my taxes?
Asked on Apr 14th, 2016 on Taxation - California
More details to this question:
My cpa told me today that fees paid to my attorney in a civil suit I have your pay taxes on. I had no idea about this. And it will almost fincinally break me. The fees were paid apart from what I got.can I have my attorney rewrite the final agreement? Or if I have to pay, can it be written off as an itemized deduction, even though I don't have other itemized deductions?
1 ANSWER
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It depends on the legal matter and if you have a business expense. Personal expenses are not deductible. Legal fees are deductible for income tax purposes as an ordinary and necessary expense of a business.
Answered on Apr 16th, 2016 at 7:51 AM