Document Type

Article

Publication Date

10-1-2007

Abstract

If the origin of a claim that generated legal fees is personal, the fees are not deductible. Possible favorable treatment for legal fees includes either above-the-line deductions or adjustments to basis or selling price in a property transaction. Some taxpayers have claimed described legal fees in such a way that they directly reduce the related income.

Comments

Copyright © 2007 American Insitute of CPAs.

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