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I am a construction contractor. Last year we had to pay back money received on a previous job because of losing in civil court. Where do we add that loss in turbo tax?
June 6, 2019
2:02 AM
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Retirement tax questions
You can include that loss under Rebates/refunds paid. To do this, please follow these steps:
- On the screen, Here's your [XX] info, click the Add income for this work box.
- On the screen, Let's enter any additional income for your [XX] work, mark the radio button next to Rebates/refunds paid
- Enter the amount of the award on the next screen.
The legal fees can be entered under Less common expenses.
- Click the Add expenses for this work box.
- Under Less common expenses, mark the radio button next to Legal and professional fees. Click Continue at the bottom of the screen.
- Enter the fees on the next screen.
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June 6, 2019
2:02 AM