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.
No, you cannot deduct legal fees for updating/correcting wills, or for creating medical Power of Attorney. However, you can deduct legal fees for estate planning if they are incurred for: the production or collection of income, or. the management of the property held for production of income, or. tax advice and tax planning.