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  2. Are Legal Fees Tax-Deductible? - AOL

    www.aol.com/finance/legal-fees-pay-tax...

    In addition, legal fees related to buying a house, purchasing a personal vehicle or procuring personal legal advice aren’t deductible. Legal fees related to disputes over inheritance or will ...

  3. Trust Tax Rates and Exemptions for 2022 - AOL

    www.aol.com/news/trust-tax-rates-exemptions...

    However, the trust may only deduct these fees based on the proportion of income that is taxable. For example, say that a trust received $20,000 worth of income in a given year. However, only ...

  4. Taxation of illegal income in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_of_illegal_income...

    The U.S. Supreme Court held that the taxpayer was allowed to deduct the legal fees from his gross income because they meet the requirements of §162(a), [9] which allows the taxpayer to deduct all the "ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business."

  5. Legal defense fund - Wikipedia

    en.wikipedia.org/wiki/Legal_defense_fund

    A government legal defense fund is an account set up to pay for the legal expenses encountered by a person holding government office, or by other public officials. While public figures are undergoing legal proceedings, they may incur large legal fees and face conflict of interest laws that restrict how they may pay for such expenses.

  6. United States v. Gilmore - Wikipedia

    en.wikipedia.org/wiki/United_States_v._Gilmore

    United States, the Supreme Court sustained the Commissioner in disallowing the deduction as a "family" expense under § 262. [1] The Court reasoned that the deductibility of legal fees depends upon the origin of the litigated claim rather than upon the potential consequences of success or failure to the taxpayer's income status.

  7. Are financial advisor fees tax deductible? - AOL

    www.aol.com/finance/financial-advisor-fees-tax...

    The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...

  8. Trust Tax Rates and Exemptions for 2022 - AOL

    www.aol.com/trust-tax-rates-exemptions-could...

    A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children's college education, putting money into it ...

  9. Internal Revenue Code section 212 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;