paron
Level 2
09-07-2023
01:23 PM
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i have a client who files 1120S and 1040.
Client was made to pay fines , penalties, and restitution to us dept of justice
client received form 1098-f with various boxes filled in including box 3 for restitution
his lawyer is telling him that amount form box 3 is deductible
I have never dealt with this issue and do not know if corporate or personal deduction or which form to use.
1098-f was sent to clients social security number. the amount of restitution paid is in excess of $500,000.
help!!
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