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?
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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.
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.
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