JSWIZCPA
New Member

Business & farm

Yes, you are correct, to be sure, I qualified my remarks with you MAY be able to.  I'm not here giving advice just correcting all the Nay's.   They may be deductible.  The key according to some sources is that you must have been legally obligated as the former owner to pay those expenses. I have a client with some recurring legal expenses he couldn't foresee prior to closing the S Corp a few years ago.  The only reason he has the expense is that he's the former owner and they resulted directly from his owning the business.  They don't exist for any reason but for his ownership and therefore is obligated to pay.