Dolores and Teddy are separated and are obtaining a divorce. They incur legal fees in 2022...
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Dolores and Teddy are separated and are obtaining a divorce. They incur legal fees in 2022 for their respective attorneys in these amounts: Dolores Teddy $14,000 5,000 2,000 7,000 28,000 General costs of the divorce Determination of custody and dependency exemptions Property (personal) settlement tax consequences Property (business) settlement tax consequences TOTAL $16,000 0 11,000 8,000 35,000 Although not required, Dolores pays Teddy's lawyer as a gesture of her positive feelings for Teddy. What is the amount of deduction Dolores can take for these legal fees? Dolores and Teddy are separated and are obtaining a divorce. They incur legal fees in 2022 for their respective attorneys in these amounts: Dolores Teddy $14,000 5,000 2,000 7,000 28,000 General costs of the divorce Determination of custody and dependency exemptions Property (personal) settlement tax consequences Property (business) settlement tax consequences TOTAL $16,000 0 11,000 8,000 35,000 Although not required, Dolores pays Teddy's lawyer as a gesture of her positive feelings for Teddy. What is the amount of deduction Dolores can take for these legal fees?
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Legal fees paid for a divorce are generally not deductible as a personal expense However there are s... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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