topic If my business was sued, can I deduct the amount in any way? in Business & farm

If my business was sued, can I deduct the amount in any way?

ktowlesjr — Thu, 06 Jun 2019 05:24:14 GMT

What amount? Lawyer feess? Settlement?

SweetieJean — Thu, 06 Jun 2019 05:24:14 GMT

What amount? Lawyer feess? Settlement?

Lawyer fees and the settlement.

ktowlesjr — Thu, 06 Jun 2019 05:24:16 GMT

Lawyer fees and the settlement.

It depends on what the lawsuit was for. Some are deducti...

bwa — Thu, 06 Jun 2019 05:24:17 GMT

It depends on what the lawsuit was for. Some are deductible and some are not. You need to be more specific?

Ok, I have a contacting businesses and I had a job out o...

ktowlesjr — Thu, 06 Jun 2019 05:24:19 GMT

Ok, I have a contacting businesses and I had a job out of town and hired gut in that city. Long story short, they didn't finish and took all the supplies and the home want finished. I was in China on business, so I couldn't get there to do it nor did I know till I returned. He sued me for 12,000 which included material and labor. Hope that's explains it somewhat without going to deep.
Thanks

Based on the facts in your added situation, those costs w...

bwa — Thu, 06 Jun 2019 05:24:19 GMT

Based on the facts in your added situation, those costs would be a deductible business expense. If a sole proprietorship, it would be a schedule C deduction under an appropriate category.

It's an llc, still deductible? Last question, thank you...

ktowlesjr — Thu, 06 Jun 2019 05:24:20 GMT

It's an llc, still deductible? Last question, thank you for your assistance.

It would make no difference if it is an llc treated as a...

bwa — Thu, 06 Jun 2019 05:24:21 GMT

It would make no difference if it is an llc treated as a sole proprietorship (i.e., a single member llc that has not elected to be taxed as a corporation.)

Thank you very much

ktowlesjr — Thu, 06 Jun 2019 05:24:22 GMT

Thank you very much