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

 

I hope you found this helpful – if you did, please subscribe to my channel.  Please also like this video.  If you have other questions, please let me know and I will produce more videos to answer your questions.

 

Our phone:  801-676-5507

 

Our office: 8833 South Redwood Road, Suite C, West Jordan, Utah 84088 – come by and visit us anytime between 8am and 5pm M-F

 

Remember, if you live in West Jordan, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to assist you with your estate plan.

 

#UtahEstatePlanning

#AscentLawFirm

#MikeAnderson

 

Are Estate Planning costs tax deductible

Are Estate Planning costs tax deductible

Are Estate Planning costs tax deductible

from
http://slcestateplanning.com/2016/07/18/are-estate-planning-costs-tax-deductible-801-676-5507/

from Salt Lake City Estate Planning http://saltlakecityestate.blogspot.com/2016/07/are-estate-planning-costs-tax.html

Advertisements