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alpianalto
Returning Member

Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?

In 2012 I made a loan from my personal business that went into default in 2016 so I filed suit in civil court to collect the money due.  Are the legal expenses I incurred in 2017 deductible as a legal expense of the Business Income and Expenses section of my return?  If not where can I report the legal fees I paid?

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JulieH1
New Member

Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?

Yes.

Legal expenses paid related to business or the production of income are deductible.

List in under expenses.

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1 Reply
JulieH1
New Member

Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?

Yes.

Legal expenses paid related to business or the production of income are deductible.

List in under expenses.

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