Are Will preparation fees deductable?

[xmasbaby0]

No, the costs of having a last will and testament prepared are not deductible.

[AnnaB]

@ssterry1 While @xmasbaby0 is correct that personal legal fees are not generally deductible, there may be a portion that can be potentially deductible.  If, as part of the preparation of the will, the attorney advised you on tax matters related to the estate planning, the expenses allocated to that work are deductible.  In addition, the fees related to advice on the tax features of an investment to be passed to an heir are also deductible.  You should obtain an itemized statement from the attorney that prepared your will detailing these specific expenses.

In order to gain a tax benefit from these, the amount (including other eligible miscellaneous expenses) needs to exceed 2% of your adjusted gross income.  Only the excess will be included as an itemized deduction.  Your total itemized deductions must exceed your standard deduction.

[xmasbaby0]

Thanks for clarifying, AnnaB!