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R
Rose S
Level 3
March 23, 2025
Question

Litigation fees/Legal Fees

  • March 23, 2025
  • 1 reply
  • 1 view

Are amounts held back from gross proceeds of stocks towards legal/litigation fees a deductible expense? If yes, where in the tax return can I claim the deduction?

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1 reply

George4Tacks
George4Tacks
Level 15
March 23, 2025

https://www.google.com/search?q=Are+amounts+held+back+from+gross+proceeds+of+stocks+towards+legal%2Flitigation+fees+a+deductible+expense

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R
Rose SAuthor
Level 3
March 24, 2025

Thanks George! I did check google as well, also looked up tax GPT. I was hoping to see if anyone else has dealt with a similar situation and how it was handled.

George4Tacks
George4Tacks
Level 15
March 24, 2025

I would need more information, but my gut reaction would be where you put advisor fees - Schedule A, miscellaneous which doesn't exist anymore for that. 

You might lay out a description that might support an addition to basis. 

Answers are easy. Questions are hard!
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