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.
Say you pay your lawyer $10,000 to help you through a job-related legal problem but your employer wonât reimburse you. No problem, you say, youâll deduct it. Paying 35% tax you might assume your after-tax cost is $6,500, and that the government will pick up the other $3,500. Nope. Your deduction is only available to the extent all of your miscellaneous itemized deductions combined exceed 2% of your adjusted gross income.