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.
Itemized Deductions. You claim attorneyâs fees as an itemized deduction on Schedule A of Form 1040. The IRS imposes a limit on miscellaneous deductions; you can only claim expenses that exceed 2 percent of your adjusted gross income, which you calculated on Line 38 of your return. If you take the standard deduction, you cannot deduct attorneyâs fees.