topic Hi, I paid $10,000 in 2019 to settle a personal injury lawsuit that was filed from an accident i was involved in a couple f years ago. Can i claim this as a deduction? in Deductions & credits

Hi, I paid $10,000 in 2019 to settle a personal injury lawsuit that was filed from an accident i was involved in a couple f years ago. Can i claim this as a deduction?

king_preetham — Thu, 16 Jul 2020 03:13:36 GMT

Re: Hi, I paid $10,000 in 2019 to settle a personal injury lawsuit that was filed from an accident i was involved in a couple f years ago. Can i claim this as a deduction?

xmasbaby0 — Thu, 16 Jul 2020 14:46:21 GMT

No. That is a personal expense.

Re: Hi, I paid $10,000 in 2019 to settle a personal injury lawsuit that was filed from an accident i was involved in a couple f years ago. Can i claim this as a deduction?

Opus 17 — Thu, 16 Jul 2020 16:54:00 GMT

If the injury was caused in the course of your business and you file a business tax return, it is a deductible business expense. If it is a personal expense (you don't have a business or the injury was not caused in the course of business activities) then it is not deductible.