Are Your Divorce Fees Tax Deductible?

new york divorce fees may be tax deductibleAre your divorce fees deductible on your taxes?  With tax season right around corner, you may be wondering if you can claim all or part of these fees as deductions on your tax return.

While the IRS will not generally allow this to occur, there are a few situations where one may be able to get some financial relief.

A recent article that was published on the Huffington Post sheds some light on what these circumstances may be. One of these, according to the article, is ” The portion of legal fees specifically paid (usually by the wife) to collect alimony that is taxable to her can be included–just like the cost of preparing her return– with her other itemized deductibles on Schedule A of Form 1040 on the ‘other expenses’ line. This break is available for the original proceeding by which she procures taxable alimony, as well as for any subsequent proceeding to increase it or collect arrears”.

While the IRS usually says these fees are not deductible, some clever tax preparation can avail you of a few exceptions. Although we are a law firm and not licensed accountants, we thought that you would really appreciate learning about the potential tax savings that you could obtain from getting a divorce. Our law office tries to keep your divorce costs to a minimum and help you save anywhere you possibly can.

For a free consultation, please call (866) 830-2064 today.

Take a moment and read the full story here.

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