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I received a settlement for a car accident in 2015. It first paid my medical bills, then my lawyer fees, then I received the remaining balance. Can I deduct this expense?
Can I deduct the medical expenses and lawyer fees for 2016 since I forgot to in 2015?
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I received a settlement for a car accident in 2015. It first paid my medical bills, then my lawyer fees, then I received the remaining balance. Can I deduct this expense?
No. Medical expenses and legal fees from an automobile accident claim are not deductible, since this type of settlement money is not taxable.
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