Can lawyer fee in a suit be deducted from income for tax purposes?
Friday, July 30th, 2010 at
3:16 am
My and my sister received an out of court settlement for our mother’s wrongful death. It is my understanding that is not considered taxable.income However is the 1/3 of the money for the lawyers cut deductible.
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No, it isn’t. Legal expenses are deductible only if they are incurred in gaining taxable income.