NASSAUSUFFOLK

 View Only
  • 1.  Deductibility of Legal Fees

    Bronze Most Valuable Member
    Posted 04-07-2022 09:11 AM
    A client was left out of a will by their parents while their other brothers and sisters shared equally in the estate as stated in the will.  If the client sues for a share are the legal fees they incur deductible?
    thanks in advance.

    ------------------------------
    Mark Dolinger CPA
    MSD CPA, PC
    Plainview NY
    516-783-1223
    msdcpa@outlook.com
    ------------------------------


  • 2.  RE: Deductibility of Legal Fees

    Platinum Most Valuable Member
    Posted 04-08-2022 07:11 AM
    No.  Legal fees would only be deductible on Schedule A in support of income.

    Steve

    ------------------------------
    Stephen MankowskiCPA
    MANKOWSKI ASSOCIATES, CPA, LLC
    smankowski@mankowskicpa.com
    215-682-7366
    ------------------------------



  • 3.  RE: Deductibility of Legal Fees

    Platinum Most Valuable Member
    Posted 04-08-2022 07:26 AM

    Steve

     

     

    Would that be a 2% deduction or outside  of the 2%

     

     






  • 4.  RE: Deductibility of Legal Fees

    Bronze Most Valuable Member
    Posted 04-08-2022 08:24 AM
    Unfortunately, these personal legal expenses would not be deductible expenses.

    ------------------------------
    Ruth B. Kraft, Esq.
    Partner and Chair, Employment Law
    Vigorito, Barker, Patterson, Nichols & Porter, LLP
    300 Garden City Plaza
    Garden City, New York 11530
    Ruth.Kraft@vbpplaw.com
    516-282-3355
    Cell 516-353-3306
    R.Kraft@vbpnplaw.com
    ------------------------------



  • 5.  RE: Deductibility of Legal Fees

    Posted 04-08-2022 10:09 PM
    It was my understanding that legal fees are deductible in the production of income, so if the suit gives him a share of the estate , the fees would be deductible

    ------------------------------
    PATRICIA CHESTER
    Patricia M Chester CPA
    Garden City NY
    ------------------------------



Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.