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  • Blaire
    started a topic Legal fees on a settlement
    in Main Forum / Tax Discussion

    Legal fees on a settlement

    My client received a settlement from a stock broker, issued to them a 1099 and stated it was reimbursement of premiums. The client never took the investment expense deduction on the schedule a in the past. We are obviously reporting the 1099 as other income. My question is, can we net the income with the legal fees that the client incurred to receive...
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  • Howco
    started a topic Theft Losses and Legal Fees
    in Main Forum / Tax Discussion

    Theft Losses and Legal Fees

    Taxpayer brought a suit against a business partner for fraud/embezzlement. Taxpayer won judicial settlement for an award that is a fraction of the amount that was embezzled.

    Can the balance of the unrecovered loss be deducted as a theft loss? I think it can...see Goeller, US Court of Federal Claims, March 2013.

    Are...
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