Solved: Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?
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New 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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Accepted Solutions
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.

View solution in original post

1 Reply
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.

View solution in original post

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