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Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
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BBmack
Level 1
07-01-2020
11:05 PM
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H & W sold business assets of a corporation for cash and liquidated the corporation in 2016. In 2019 Buyer sues H & W alleging misrepresentation of sales (claim is bogus) and H & W have to hire attorney and they pay him $30,000 in 2019 for defending them. Case is still going on in 2020.
Can they deduct the legal fees as an expense on schedule C or as a capital loss in 2019? Any help is appreciated.
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1 Comment 1
dkh
Level 15
07-03-2020
06:29 PM
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Try IRS Pub 529, page 5 - Legal Expenses
