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Treatment Of Legal Fees Incurred By Individuals, Annette M. Nellen
Treatment Of Legal Fees Incurred By Individuals, Annette M. Nellen
Annette M. Nellen
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.