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Submitted By: Marcella
Answered: September 2, 2016 12:21 pm
Answered: September 2, 2016 12:21 pm
My husband died and I had large legal fees to settle his estate. Are the legal fees deductible?
Legal fees paid by an estate are deductible by the estate for estate tax purposes. If you paid the fees out of your own pocket, the estate can reimburse you. If you don’t seek reimbursement, you will be out of luck; the legal fees aren’t deductible on your personal income tax return.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
