Legal expenses deductible

null308 · ‎June 6, 2019

Are legal expenses associated with a disability suit deductible if the proceeds from the suit are not taxable?

MinhT · ‎June 6, 2019

No, as the IRS only allows the deduction of legal fees incurred in acquiring or defending your taxable income.

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MinhT · ‎June 6, 2019

No, as the IRS only allows the deduction of legal fees incurred in acquiring or defending your taxable income.

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Bounias · ‎December 2, 2019

Curious if anyone knows if legal fees can be deducted for a lawsuit where a trust and the beneficiary of a trust are suing a trustee for alleged theft. This is an irrevocable trust where the beneficiary and the other trustee believe that the trustee who was actively managing things has improperly used trust assets.

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Legal expenses deductible