Total Settlement was $100,000
Attorney out of pocket expenses: $15,000
Net Settlement: $85,000
Attorney Contingency Fees 40%: $34,000
My share: $51,000 for non-wage damages (check from former employer). I also received a check for $1000 less taxes from them for unpaid wages.
Former employer issued check to attorney for $49,000 ($15K + $34K).
Can I take a deduction for either the attorney out of pocket expenses ($15K) or contingency fees ($34K)?
I assume I will get a 1099 from my attorney? And a W-2 and 1099 from former employer?
