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.
If you're claiming personal attorney fees, such as for alimony or tax issues, you can't deduct all of them. The only way to claim such a deduction is by itemizing and foregoing the standard deduction for your filing status. Attorney fees fall into the category of miscellaneous itemized deductions..