Article
Treatment of Legal Fees Incurred by Individuals
The Tax Adviser
(2007)
Abstract
If the origin of a claim that generated legal fees is personal, the fees are not deductible. Possible favorable treatment for legal fees includes either above-the-line deductions or adjustments to basis or selling price in a property transaction. Some taxpayers have claimed described legal fees in such a way that they directly reduce the related income.
Disciplines
- Accounting,
- Business and
- Taxation
Publication Date
October, 2007
Publisher Statement
Copyright © 2007 American Insitute of CPAs.
Citation Information
Annette M. Nellen. "Treatment of Legal Fees Incurred by Individuals" The Tax Adviser Vol. 38 Iss. 10 (2007) Available at: http://works.bepress.com/annette_nellen/19/