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d2snow
New Member

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.

1 Reply
DDollar
Level 4

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.

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