topic Are legal fees for preparation of wills, trusts, and medical powers of attorney deductible if they fall under the general umbrella of estate planning? in Deductions & credits

Are legal fees for preparation of wills, trusts, and medical powers of attorney deductible if they fall under the general umbrella of estate planning?

Condor556 — Thu, 06 Jun 2019 09:50:45 GMT

We paid $8500 in legal fees. All of the legal work falls under the umbrella of estate planning and much of it deals with tax planning. Can I claim all of these fees as a deduction or do I have to specify what percentage of the fee was paid for tax planning?

You can only deduct the portion spent on tax planning, no...

Anita01 — Thu, 06 Jun 2019 09:50:47 GMT

You can only deduct the portion spent on tax planning, not overall estate planning. The provider should be able to break down those costs for you in a written document or invoice.