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  2. Are Legal Fees Tax-Deductible? - AOL

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

    Legal fees related to disputes over inheritance or will contests are also generally not tax-deductible. If you’re involved in a civil lawsuit unrelated to your business, the legal fees incurred ...

  3. 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.

  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 taxpayer subsequently deducted the legal fees he spent while defending himself. [8] 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 ...

  6. 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 ...

  7. Missing These Tax Credits and Deductions Could Cost You ... - AOL

    www.aol.com/finance/31-tax-credits-deductions...

    The standard deduction, home office rules, and health care expenses are just the start of what to know for filing in 2022. About to file your tax returns? The standard deduction, home office rules ...

  8. 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.

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

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

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