|
#1
06-29-2005, 03:52 PM
| |||
| |||
 Re: writing off bad debt <newsgroupspostingonly[at]gmail.com> wrote - quote - > Is it at all feasible to write off legal expenses incurred
Probably not. See Schedule A though, as some legal expenses> in a case where I had to hire a criminal attorney to defend > me in a case that was "thrown" out? are deductible there, but limited to non-personal legal expenses (to get income, protect property, etc) and again limited to anything over 2% of your AGI (and it may cause AMT to kick in).. It would depend entirely on the specific facts and circumstances of your case and your tax situation. Ask your attorney for a referral to a CPA or EA in your area who can better advise you after they know the full story. Oh yeah, legal expenses are not "bad debt". -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
06-29-2005, 03:14 PM
| |||
| |||
| Re: writing off bad debt <newsgroupspostingonly[at]gmail.com> wrote: - quote - > Is it at all feasible to write off legal expenses incurred
No. If the case was a result of a specious complaint, you> in a case where I had to hire a criminal attorney to defend > me in a case that was "thrown" out? may have a civil cause against the complaining party. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#-1
06-27-2005, 02:58 PM
| |||
| |||
| writing off bad debt Is it at all feasible to write off legal expenses incurred in a case where I had to hire a criminal attorney to defend me in a case that was "thrown" out? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| bad, debt, writing |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Need help on writing checks for payroll Mario Cruz: I am totally new with this, and I have no idea on how to write a check. I went to the business section, later on I clicked on Payroll but it says I... | Microsoft Money | 2 | 11-19-2006 03:27 AM | |
| Covered Option Writing Roger Doherty: I need some guidance on how to implement so- called "Covered Option Writing" or "Overwriting" investment transactions in Money 2003 Deluxe. I... | Microsoft Money | 4 | 11-05-2003 06:46 PM | |
| Check writing software Dave Morse: I'm going to start using Microsoft Money 2003 and want to be able to print out checks on the computer rather than hand writing them. Question: Is... | Microsoft Money | 1 | 10-21-2003 10:01 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
