Received 1099Misc issued from Mortgage company settlement - $5000. Can above the line deduction method be used to deduct $1000 attorney fees? Don't have enough to itemize
Received 1099Misc issued from Mortgage company settlement - $5000. Can above the line deduction method be used to deduct $1000 attorney fees? Don't have enough to itemize
Yes, you can adjust (reduce) the 1099-MISC income for attorney's fees without itemizing.
To enter the legal fees:
Go
to Less Common Income, Miscellaneous Income and Other reportable income
(enter "other reportable income" in the Search Box and Select
"Jump to other reportable income")
Continue
to the screen "Other Taxable Income". Enter the description
as "Attorney Fees - 1099-MISC Settlement" and the amount as a negative
number.These are NOT wages.
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