Solved
Lawsuit Settlement Income
I received a settlement from a lawsuit of Economic Loss from an oil company. Where do I input the attorney fees?
If the settlement you received from the lawsuit is taxable, generally, you deduct personal attorney fees as an itemized miscellaneous deduction on Schedule A of your Form 1040 tax return. This means you get a deduction only if you itemize your personal deductions instead of taking the standard deduction.
If the settlement you received is not taxable, you cannot deduct the legal fees.
**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
