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I am thinking of taking help from a settlement company since I'm not able to pay my debts myself. I'm hopeful that a settlement company can help me by negotiating a lower payoff with the settlement company. However, I have to pay professional fees. But, I'm wondering, are debt settlement fees tax deductible? Can I mention this in my tax documents for the deduction?

Can you mention this in my tax documents??? Up until then you almost had me believing you were one in the US uses words or terms like this. A canadian or american would would say "can I claim professional fees on my tax return."

By the way, the answer is no.

Sub: #1 posted on Mon, 09/19/2016 - 19:00

Moderators Cum Industry Expert
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I’ve heard that debt settlement fees are tax deductible. But, thanks to Soaplady I got my views cleared.

Sub: #2 posted on Tue, 09/20/2016 - 04:57

Phil Bradford Phil Bradford

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