Can u deduct legal fees associated with a BP settlement? I am not a commercial fisherman but do fee my family with the fish and crabs I catch.

Liz01 — Thu, 06 Jun 2019 10:41:03 GMT

Yes, you can deduct legal fees for your BP settlement. T...

Marketstar — Thu, 06 Jun 2019 10:41:05 GMT

Yes, you can deduct legal fees for your BP settlement.

To deduct legal fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your legal fees must exceed 2% of your Adjusted Gross Income.

Given the above limitations you may not be able to benefit from your legal expenses.

To enter your legal expenses:

Type in legal expenses, deduction the search box, top right of your screen, then click the magnifying glass
Click the jump to legal expenses, deduction link in the search results
Follow to prompts and online instructions

topic Can u deduct legal fees associated with a BP settlement? I am not a commercial fisherman but do fee my family with the fish and crabs I catch. in After you file

Can u deduct legal fees associated with a BP settlement? I am not a commercial fisherman but do fee my family with the fish and crabs I catch.

Yes, you can deduct legal fees for your BP settlement. T...