topic Estate planning legal expense in Deductions & credits

Estate planning legal expense

jwberget1 — Tue, 04 Jun 2019 00:20:52 GMT

deductible estate planning expenses? In 2018 my wife and I paid $2,900 for estate planning for income-generating farmland, as well as our income-generating investment portfolios as follows: $300 for 2 Powers of Attorney; $300 for 2 Health Care Directives; and $2,300 for 2 Trusts, and accompanying 2 Transfer on Death Deeds that cover the farmland and our homestead. Are any of these expenses deductible? I plan to itemize.

" Are any of these expenses deductible? I plan to itemiz...

Anonymous_ — Tue, 04 Jun 2019 00:20:53 GMT

" Are any of these expenses deductible? I plan to itemize."

Unfortunately, such expenses are not deductible since they would be miscellaneous itemized deductions.

You can no longer claim any miscellaneous itemized deductions. Miscellaneous itemized deductions are those deductions that would have been subject to the 2% of adjusted gross income limitation.

See https://www.irs.gov/publications/p529#en_US_2018_publink10004458