Are estate planning costs tax deductible?
Well yes, they are; however, they are subject to the 2% deduction limit. Additionally, the method to deduct your estate planning expenses, the IRS mandates that estate planning costs and fees should be for the use of the following 3 factors – First, they have to be for the production or collection of income – Second — they have to be for the express purposes of management, conservation or maintenance of property which is owned and controlled to actually produce income – or in the alternative, third, it must connect to the determination or collection or refund of any taxes.
So long as you can meet these critera – you pass.
The best source to review (if you really want to get into it, is IRS publication 529 – this goes over the 2% limit that I talk about and it also helps you understand how you can deduct estate planning costs from your taxes
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Are Estate Planning costs tax deductible
Are Estate Planning costs tax deductible
Are Estate Planning costs tax deductible
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http://slcestateplanning.com/2016/07/18/are-estate-planning-costs-tax-deductible-801-676-5507/
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