Are Legal Fees A Tax Deduction?

Are Legal Fees A Tax Deduction?
Dr. Friday Tax Tips - One Minute Mo...

 
 
00:00 / 1:00
 
1X
 

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:12
Are legal fees a tax deduction? Many times people come in and they’ve had to pay legal fees to get a will trust, maybe had to settle some sort of dispute. And the answer is no. The only time legal fees are a tax deduction if you can tie it to a business. If for some reason you’re having to defend your license or something that was wrong in your business, those legal fees would be a legitimate tax deduction. Otherwise, no, you cannot write off your divorce or any other legal things that happen in your life. If you’ve got questions, call me at 615-367-0819.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.