Am I allowed to take credit or deductions for these yearly fees paid to the attorney and trustee? 10 Answers as of March 31, 2014

I am currently in Chapter 13 bankruptcy. I pay $1400.00 per month to the attorney fee and trustee. I'm currently in the process of doing my estate and federal taxes.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You are paying creditors. that is not a deduction.
Answer Applies to: California
Replied: 3/31/2014
David Hoines Law
David Hoines Law | David Hoines
Depends on whether personal or business expense consult a CPA.
Answer Applies to: Florida
Replied: 3/31/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
The IRS only allows a tax deduction for legal fees connected with providing representation concerning tax matters. I am afraid that this bankruptcy will not qualify as a deduction for this type of service.
Answer Applies to: Nevada
Replied: 3/31/2014
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That is a question you should ask your CPA, but I can tell you that if you are curing mortgage arrears through your plan, a portion of those arrearages are most likely interest, so you are entitled to deduct mortgage interest payments, and this portion would not be something you'd receive an end-of-the-year statement from the mortgage company on.
Answer Applies to: California
Replied: 3/31/2014
EDWARD P RUSSELL | EDWARD P RUSSELL
Probably not as they are not producing income but you should consult your tax advisor.
Answer Applies to: Minnesota
Replied: 3/31/2014
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