Aren’t tax deductible
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Are legal fees for estate tax planning services tax deductible?
Until recently, the IRS allowed that legal fees for estate tax planning services could have been tax-deductible if they were incurred for the production or collection of income; the maintenance, conservation, or management of income-producing property, or tax advice or planning. 2 锘?/div>Are Estate Planning Fees Tax Deductible?
Are legal fees for a trust tax deductible?
Legal fees you pay toward the preparation of filing taxes for a trust are also eligible for deduction. These fees could relate to collection or refund of estate taxes. Estate planning fees that are not tax deductible would be legal advice about the creation of a trust or issues that relate to the transfer of property.
What are the rules for estate planning fees?
Internal Revenue Service (IRS) Rules. In order to be deductible, the IRS requires that estate planning fees must be paid: (1) for the production or collection of income; (2) for the management, conservation or maintenance of property held for the production of income; or (3) in connection with the determination,…
Which estate planning instruments don qualify for tax deductions?
Other estate planning instruments that don qualify for deductions would include healthcare directives, powers of attorney, and guardianship designations . Attorney invoices include a list of services rendered throughout the course of service.