Legal fees associated with debt forgiveness

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604
    #1

    Legal fees associated with debt forgiveness

    Got a client who hired an Attny to get his mortgage debt forgiven from his 2 lenders. Client insist his legal fees are deductible my research says no. Your thoughts?
    Tags: None
    • taxdude71
      Senior Member
      • Jan 2007
      • 132
      #2
      Not deductable. You are right.

        Comment

        • Zee
          Senior Member
          • Mar 2006
          • 932
          #3
          Originally posted by AZ-Tax
          Got a client who hired an Attny to get his mortgage debt forgiven from his 2 lenders. Client insist his legal fees are deductible my research says no. Your thoughts?
          First, show your Client the tax code. Then, show him the door. Clients like you describe aren't worth keeping.

            Comment

            • taxmom34
              Senior Member
              • Nov 2008
              • 732
              #4
              did it result in taxable income?

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