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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Re: can the 1/3 legal fees in a settled law suit be deducted on the client's taxes
can the 1/3 legal fees in a settled law suit be deducted on the client's taxes
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10huron
Level 1
04-17-2023
12:51 PM
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In the settlement, the client received 2/3 and the attorney received 1/3. Can the client deduct that 1/3 on his schedule C. The client got 1/3 as a W2 and the second 1/3 on a 1099 NEC which drives a schedule C
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TaxGuyBill
Level 15
04-17-2023
04:53 PM
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Don't blindly enter tax forms into the software. Most likely it should be on a 1099-MISC. Get the legal documents and find out EXACTLY what the payment was for.
