Mbetanco
Level 1
06-15-2022
05:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Form 1099-Misc, box 3 $73,75.96
Actual money received in a check $50,625.50
Attorney fees $23130.50
Actual money received in a check $50,625.50
Attorney fees $23130.50
Labels
Just-Lisa-Now-
Level 15
06-15-2022
06:06 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hopefully they didn't spend it all and can pay the taxes on that 73k.
TCJA took away the ability to deduct most personal legal fees.
https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/can-i-deduct-legal-fees-on-my-taxes/...
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TCJA took away the ability to deduct most personal legal fees.
https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/can-i-deduct-legal-fees-on-my-taxes/...
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Terry53029
Level 14
06-16-2022
07:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Don't forget only the amount over the price of the car is taxable, and as Lisa said the attorney fees are not deductible
taxes96786
Level 9
06-25-2022
08:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Make an adjustment on the Actual Money received line to subtract the amount the client is out of pocket (originally paid for the car).
BobKamman
Level 15
06-27-2022
12:26 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content