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Friday, April 15, 2011

Income Tax Question: Are Bankruptcy Attorney Fees Tax Deductible?

By JC Leahy

LOL!!  That's a good one!! No, attorney fees related to bankruptcy are not tax deductible.  The only exception is if the bankruptcy attorney prepares your tax return, the portion of the attorney fees for tax return prep is tax deductible on your Schedule A as a miscellaneous itemized deduction subject to the 2% of Adjusted Gross Income threshold.

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