Profile cover photo
Profile photo
Mandy Brazell
Sacramento Doc Preparer
Sacramento Doc Preparer
About
Posts

Post has attachment
Your taxes: When can you deduct legal expenses?

Here is an interesting article that was posted on MarketWarch.com.
You may be entitled to a tax-saving write-off...
First, the bad news: In most cases, individuals cannot deduct legal expenses. For tax purposes, they are usually treated as either a personal outlay or as part of the cost of acquiring an asset, such as real estate. These types of legal expenses are non-deductible (although you can deduct legal fees incurred to acquire a depreciable asset over a number of years).
However, don’t give up hope for better tax results. A recent tax court decision surprisingly allowed an individual to deduct legal costs as part of her home office deduction, and there are other situations where legal costs can be written off.
Here’s what you need to know: http://goo.gl/H4ENJJ
Add a comment...
Wait while more posts are being loaded