Are Attorney Fees Tax Deductible For Civil Lawsuit?
Tuesday, February 9th, 2010 at
5:12 pm
I am the plaintiff in a lawsuit and have a judgment against the defendant. However, I am now out of money and can’t afford to hire an attorney to force the collection. Our judicial system is screwed up. Can I get a tax deduction on attorney fees that total $20K? Even though I won my case, no one enforces payment. Not only did I lose $75K through fraud, but also the $20K for attorney fees. My tax man says it is not deductible because it is a collectible judgment, even though I will never collect. Is this right? Any ideas?
Possibly related posts: (automatically generated)
- Related posts on attorney
- Jerry Spence – Winningest Attorney | Official Class Action Lawsuit …
- Cleveland Attorney The Skolnick Law Firm – Criminal Law | Official …
- Tennessee Injury Attorney to Provide Compensation | Management
- Related posts on Civil
- Civil Viagra whithout prescription Disturbance in All Hamilton County on 02/08/10 Case Number …
- Civil Disturbance in All Hamilton County on 02/08/10 Case Number …
- Interactive Civil Rights Portfolio « Publishing the Long Civil …
- Related posts on Deductible
- CRS — Charitable Contributions for Haiti's Earthquake Victims …
- Cheap Antique Car Insurance In Long Beach, California
- How Much Coverage Should I Be Paying For My Vintage Automobile
Tagged with: attorney • Civil • Deductible • Fees • Lawsuit
Filed under: Attorney FAQ
Like this post? Subscribe to my RSS feed and get loads more!
Well I am a former tax auditor, and I have never once heard of anybody but a corporation being able to deduct attorney fees.
Wait did you bring the suit as part of a business expense? If so you definitely can deduct it.
I can advise you you report the judgement regularly to the credit bureaus. I would not bother to spend money on collection. From personal experience nobody can help you with that.
Ask your tax accountant. It might be deductible. Or, call the IRS hotline.