turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DDollar
Expert Alumni

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies