2001850

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

posted

Connect with an expert

1 Reply

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

Legal expenses for your business can be a business deduction.

Personal legal expenses are not deductible unless it was a discrimination lawsuit.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

Do you have an Intuit account?

I received a 1099-MISC from a lawsuit settlement. Can I deduct the attorney fees and if so, do report as a negative amount?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert