I'm a realtor and had to pay a settlement to a contractor from a house flip. Can I deduct the settlement pymt as well as my legal fees?

The property in question was sold in 2016 then contractor claimed monies owed, but case was not settled until 2018.

posted

Connect with an expert

1 Reply

I'm a realtor and had to pay a settlement to a contractor from a house flip. Can I deduct the settlement pymt as well as my legal fees?

If these expenses were all a part of your business as a realtor, then yes, they are tax deductible business expenses.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post