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Litigation fees/Legal Fees
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Rose S
Level 3
Sunday
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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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3 Comments 3
George4Tacks
Level 15
Sunday
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Answers are easy. Questions are hard!
Rose S
Level 3
Sunday
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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
Level 15
Sunday
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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!
