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posted
February 3, 2021
9:58 AM
last updated
February 03, 2021
9:58 AM
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are legal fees paid by business reimbursed by insurance taxable income
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?
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are legal fees paid by business reimbursed by insurance taxable income
Report that as Other Income......there must be an area for that in TT Biz.
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are legal fees paid by business reimbursed by insurance taxable income
Yes, since you are claiming an expense that was partially reimbursed, you must claim it as income to offset it.
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