- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@JotikaT2 This was a leased vehicle. so, unless it was a capital lease under the tax laws, the taxpayer does not have a tax basis. Also, they got to keep the vehicle and presumably are still liable for any remaining lease payments.
However, if this was a business vehicle the lawyer's fee likely would be deductible to some extent depending on business vs personal use.
‎July 23, 2024
11:47 PM