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Divorce Attorney Fees
More frequently than not, the divorce attorney will receive a call from the client who has paid his or her bill, inquiring as to what portion of attorney's fees paid can be deductible for income tax purposes. The client's accountant advised that he/she needed an opinion from his/her attorney and a letter allocating the deductible portion of what was paid for income tax purposes. The client may have paid a princely sum and will want to deduct as much as possible.
Unless the attorney is one who limits his or her practice to tax matters and gave advice solely concerning the tax consequences of a proposed marital settlement agreement, the portion of fees that can be tax deductible will be severely limited. The client will be in for a surprise because attorneys' fees for the services of the divorce lawyer are deductible only for services attributable to tax advice, and which were incurred for the production of taxable income; to-wit: alimony that meets the provisions of I.R.C. ' 71.
Furthermore, even for fees that are attributed to services that are in fact deductible, they are such only as part of the miscellaneous itemized deductions. These miscellaneous itemized deductions can only be deducted to the extent that, in the aggregate, they exceed 2% of the taxpayer's adjusted gross income. Taxpayers whose miscellaneous itemized deductions do not total more than 2% of adjusted gross income will not be able to deduct any amount of attorneys' fees.
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