What is the definition of a Variable Rate Loan? Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating rate loans.
1 Contingent attorney fees are not deductible, but non-contingent attorney fees may be deductible. 2  Before deducting these fees, talk to a tax specialist to determine if the fees are deductible based on the details of your case.
An excellent example of this question in action is legal fees. A legal fee is not deductible by itself, but only if it fits another deductible purpose. In very general terms, three types of legal fees are deductible: those related to your job, to collection of taxable income or for tax advice. Personal legal expenses often do not meet this requirement. Legal work related to employment is generally deductible, since it is about the production of income.