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cruzgorr
Level 2
Jan 13, 2025 11:07 PM UTC
Question

RESTITUTION IS DEDUCTIBLE

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 

This topic has been closed for replies.

3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
Jan 13, 2025 11:12 PM UTC

he had to sell the property to pay some kind of debt?  What was the restitution for?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    BobKamman
    BobKamman
    Level 15
    Jan 14, 2025 12:42 AM UTC

    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.  

      TaxGuyBill
      Jan 14, 2025 5:49 PM UTC

      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.

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