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.
Generally speaking, legal fees are tax deductible when the fees are incurred for the purpose of gaining or producing income from a business or property and are not outlays of a capital nature e.g. associated with the sale of capital property such as a sale of a building or shares in a corporation.