1867795
Our LLC paid legal fees which were later partially reimbursed by our insurance company. I understand the legal fees are deductible since it was paid by the business defending a business interest. My question is do I then report the insurance company reimbursement as income? If so, how do I do that in TurboTax business?
You'll need to sign in or create an account to connect with an expert.
Report that as Other Income......there must be an area for that in TT Biz.
Yes, since you are claiming an expense that was partially reimbursed, you must claim it as income to offset it.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kare2k13
Level 4
Priller
Level 3
BarneyB
Level 1
Just7357
New Member
JTM_56
New Member