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Deductions & credits
First off - thanks so much for the help. Just to add more clarity to ensure we’re aligned .... these are personal expenses vs business. In an ongoing lawsuit, I incurred $20k in out of pocket legal fees. Ultimately the two parties agreed to drop the suit in exchange for reimbursement of the $20k. The settling company sent me a 1099 Misc. I am essentially paying tax twice on those dollars as it stands now. Am I just stuck?
March 18, 2020
7:02 AM