Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?

alpianalto — Wed, 05 Jun 2019 02:20:58 GMT

In 2012 I made a loan from my personal business that went into default in 2016 so I filed suit in civil court to collect the money due. Are the legal expenses I incurred in 2017 deductible as a legal expense of the Business Income and Expenses section of my return? If not where can I report the legal fees I paid?

Yes. Legal expenses paid related to business or the produ...

JulieH1 — Wed, 05 Jun 2019 02:21:04 GMT

Yes.

Legal expenses paid related to business or the production of income are deductible.

List in under expenses.

topic Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section? in Business & farm

Are the legal expenses to collect a default business loan deductable as a legal expense on the Business and Income section?

Yes. Legal expenses paid related to business or the produ...