Hi Alicia,
Then I couldn't deduct the syndication costs $2000 which I paid from the settlement $8000? Is my understanding correct?
And I checked with previous CPA, he didn't deduct the loss $5,000 in 2018 tax return, even I thought he did. Then should I report this settlement $3000(8000-5000) as capital gain? or ordinary ? How should I report?
I can summarize the case again if needed.
Thank you.
