I thought I read somewhere that legal fees are deductible if there were medical issues involved in the incident that caused us to incur legal fees. Unfortunately, I cannot find where I read that.
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Unfortunately, they're not deductible.
Legal fees are generally not deductible. The two exceptions are for legal fees incurred to determine or collect any tax liability, and legal fees expended to secure taxable income.
Even if they were deductible, you would need to itemized and lop off the first 2% of your AGI from the fees. Rarely helps even when deductible.
If you have additional questions or details regarding this, please feel free to post in the comments for further clarification.
Unfortunately, they're not deductible.
Legal fees are generally not deductible. The two exceptions are for legal fees incurred to determine or collect any tax liability, and legal fees expended to secure taxable income.
Even if they were deductible, you would need to itemized and lop off the first 2% of your AGI from the fees. Rarely helps even when deductible.
If you have additional questions or details regarding this, please feel free to post in the comments for further clarification.
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