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Lawsuit Loss

Corporate Law Discussions

Lawsuit Loss

Postby Padriac » Sun Dec 04, 2016 3:43 am

s About Taxes)/Lawsuit Loss Advertisement Expert: John Stancil, CPA - 1/31/2006 My husband was named in a lawsuit,stating he was involved in a business in which he wasn't. unfortunately we do not have the money to fight it and there will be a judgement for him to pay.Can this be written off as a lose.IS this tax deductible, when there is a judgement you have to pay out of your pocket. ? We're sick over this and thought we should check tax liability on this. Any attorney fees deductible as well?
Padriac
 
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Joined: Tue Mar 25, 2014 5:12 pm

Lawsuit Loss

Postby Linly » Mon Dec 05, 2016 10:16 am

Joyce,

Thanks for your question.

I am sorry to have to tell you this, but neither the judgement nor the attorney fees are deductible as personal expenses.  If he has a business and this is related to that business, these items could be deducted as business expenses on either the business return or on Schedule C.

Hope this helps.

John Stancil, CPA
Linly
 
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Lawsuit Loss

Postby Denman » Mon Dec 05, 2016 6:17 pm

s About Taxes)/Lawsuit Loss Advertisement Expert: John Stancil, CPA - 1/31/2006 My husband was named in a lawsuit,stating he was involved in a business in which he wasn't. unfortunately we do not have the money to fight it and there will be a judgement for him to pay.Can this be written off as a lose.IS this tax deductible, when there is a judgement you have to pay out of your pocket. ? We're sick over this and thought we should check tax liability on this. Any attorney fees deductible as well?
Denman
 
Posts: 41
Joined: Thu Jan 02, 2014 2:16 am


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