MY CLIENT WAS FORCE TO SALES HIS PROPERTY TO PAY THE LOCAL GOVERNMENT MONEY DUE..THE GOVERNEMNT TOOK 100 OF MONEY RECEIVED. CLIENT GOT NOTHING
QUESTION IS THE RESTITUTION DEDUCTIBLE
QUESTION THEY TOOK 100% OF THE MONEY INCLUDING HOW ABOUT CAPTAL GAIN
he had to sell the property to pay some kind of debt? What was the restitution for?
We know you can use lower-case letters because your last 4 posts, in 2020 and 2022, accomplished that. Welcome back, and please provide more details.
He sold a property and paid a debt that he owed.
Why do you think anything would be deductible if he paid a debt?
Yes, if the property was sold at a gain there will be capital gain tax.
