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.
You can also deduct the fees you paid to an attorney for a divorce if the attorney gave you tax advice related to the divorce and specifically itemized it in his or her bill. Thus, for tax purposes it is important that your attorney itemize the final bill to indicate what fees are related to collection activity.f you are unsure as to whether something is tax deductible, you should contact an experienced tax attorney. The good news, however, is that if you hire a tax attorney to help with your tax preparation, those legal fees are deductible.