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.
The Internal Revenue Service allows you to deduct attorneyâs fees you pay for tax-related work. When the work involves drafting, reviewing or correcting a will, the fees charged may or may not be tax-deductible. It all depends on the nature of the work and how the attorney bills you for it. When in doubt, consult an experienced tax attorney or professional accountant.