- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If the trust is engaged in business activities with a motive to earn a profit, then the legal fees would be deductible if they are ordinary and necessary for the generation of the income. By business activities, I mean they would have to be more than passive investing. The activity would have to entail effort that was continuous and regular, as opposed to sporadic. You can read more in this article from The Tax Advisor.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 10, 2025
4:15 PM
1,186 Views