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Legal fees associated with debt forgiveness

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    #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?
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    #2
    Not deductable. You are right.

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      #3
      Originally posted by AZ-Tax View Post
      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.

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        #4
        did it result in taxable income?

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