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  • Amending NYS return for Misc. Deduction

    From Not A Clue@21:1/5 to All on Wed May 18 14:24:24 2022
    I use TurboTax and it states that legal fees for Estate tax planning -- fees related to tax planning is a Misc. Deduction.

    I have legal fees relating to estate planning -- setting up trusts, etc. Is that considered as "tax planning" (it has GST element in it)? Is there anything in Estate Planning that is not deductible?

    Also, is Accountant's fee for filing Form 709 a Misc. Deduction? If yes, does not go under tax preparation fee Or something else?

    TIA

    --
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  • From Stuart O. Bronstein@21:1/5 to Not A Clue on Wed May 18 15:14:05 2022
    Not A Clue <m8r.jn1sdp@gmail.com> wrote:

    I use TurboTax and it states that legal fees for Estate tax
    planning -- fees related to tax planning is a Misc. Deduction.

    I have legal fees relating to estate planning -- setting up
    trusts, etc. Is that considered as "tax planning" (it has GST
    element in it)? Is there anything in Estate Planning that is not
    deductible?

    Estate planning per se is not normally tax planning. If you have a
    large estate that requires a marital trust to assist with planning your
    taxes, then a portion of the planning attributable to the tax portion
    may be deductible. But in general not other kinds of estate planning.

    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From ira smilovitz@21:1/5 to Alan on Wed May 18 15:35:00 2022
    On Wednesday, May 18, 2022 at 3:27:17 PM UTC-4, Alan wrote:
    On 5/18/22 12:14 PM, Stuart O. Bronstein wrote:
    Not A Clue <m8r.j...@gmail.com> wrote:

    I use TurboTax and it states that legal fees for Estate tax
    planning -- fees related to tax planning is a Misc. Deduction.

    I have legal fees relating to estate planning -- setting up
    trusts, etc. Is that considered as "tax planning" (it has GST
    element in it)? Is there anything in Estate Planning that is not
    deductible?

    Estate planning per se is not normally tax planning. If you have a
    large estate that requires a marital trust to assist with planning your taxes, then a portion of the planning attributable to the tax portion
    may be deductible. But in general not other kinds of estate planning.

    None of it is deductible because tax law no longer allows for this type
    of miscellaneous itemized deduction on Schedule A of the 1040.

    --
    Alan
    --

    Alan,

    It may be deductible. The OP is asking about the NY IT-201, not the federal 1040.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From Tempuser@21:1/5 to Stuart O. Bronstein on Wed May 18 15:26:33 2022
    On 5/18/22 12:14 PM, Stuart O. Bronstein wrote:
    Not A Clue <m8r.jn1sdp@gmail.com> wrote:

    I use TurboTax and it states that legal fees for Estate tax
    planning -- fees related to tax planning is a Misc. Deduction.

    I have legal fees relating to estate planning -- setting up
    trusts, etc. Is that considered as "tax planning" (it has GST
    element in it)? Is there anything in Estate Planning that is not
    deductible?

    Estate planning per se is not normally tax planning. If you have a
    large estate that requires a marital trust to assist with planning your taxes, then a portion of the planning attributable to the tax portion
    may be deductible. But in general not other kinds of estate planning.

    None of it is deductible because tax law no longer allows for this type
    of miscellaneous itemized deduction on Schedule A of the 1040.

    --
    Alan

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Bob Sandler@21:1/5 to All on Wed May 18 17:30:36 2022
    None of it is deductible because tax law no longer allows for this type
    of miscellaneous itemized deduction on Schedule A of the 1040.

    New York decoupled from the federal changes to itemized
    deductions in the TCJA.

    "In general, your New York itemized deductions are computed
    using the federal rules as they existed prior to the changes
    made to the Internal Revenue Code (IRC) by the Tax Cuts and
    Jobs Act (Public Law 115-97)."

    https://www.tax.ny.gov/pit/file/itemized-deductions.htm

    Bob Sandler

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Not A Clue@21:1/5 to Bob Sandler on Sat May 21 10:57:06 2022
    On Wednesday, May 18, 2022 at 5:32:18 PM UTC-4, Bob Sandler wrote:
    None of it is deductible because tax law no longer allows for this type
    of miscellaneous itemized deduction on Schedule A of the 1040.
    New York decoupled from the federal changes to itemized
    deductions in the TCJA.

    "In general, your New York itemized deductions are computed
    using the federal rules as they existed prior to the changes
    made to the Internal Revenue Code (IRC) by the Tax Cuts and
    Jobs Act (Public Law 115-97)."

    https://www.tax.ny.gov/pit/file/itemized-deductions.htm

    Bob Sandler

    How about accountant's fee for Gift Tax Return? Is that a Misc. Ded.? Or are the professional fees deductible only if it relates to income tax or production of income?

    TIA

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)