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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
