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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
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
