Business Administration Faculty Publications

Opportunities for Deduction of Legal Expenses

Document Type

Article

Publication Date

7-2016

Journal Title

Journal of Financial Service Professionals

ISSN

1537-1816

Volume

70

Issue

4

First Page

63

Last Page

68

Abstract

Individuals incur legal expenses in many business and personal transactions. Legal expenses may be legitimate tax deductions or nondeductible personal expenses. Legal expenses are nondeductible when incurred for issues that are personal in nature such as divorce or bankruptcy. A deduction is available for legal expenses that are incurred for business or investment reasons. This article provides a framework to assist financial advisors in identifying deductible legal expenses.

Keywords

Tax deductions costs, Investment advisors, divorce, personal bankruptcy

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