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  2. Are Legal Fees Tax-Deductible? - AOL

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

    These deductions, which previously allowed taxpayers to write off various expenses that exceeded 2% of their adjusted gross income, included legal fees. As a result, many individuals who ...

  3. Are financial advisor fees tax deductible? - AOL

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

    Fees paid for legal counsel and tax advice. ... For example, if you contribute $5,000 to a traditional IRA, you can potentially deduct that amount from your taxable income, resulting in a lower ...

  4. 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;

  5. 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."

  6. 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.

  7. Inherited IRA rules: 7 things all beneficiaries must know - AOL

    www.aol.com/finance/inherited-ira-rules-7-things...

    “But because that person’s estate had to pay a federal-estate tax, you get an income-tax deduction for the estate taxes that were paid on the IRA. You might have $1 million of income with a ...

  8. 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.

  9. Are Your Financial Advisor Fees Tax Deductible? - AOL

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

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