Winning Lawsuit, Attorney Fees Deductible?
I have a client who won a lawsuit of backpay, ok I know that is taxable because there was no personal injury, he won 85,000 but he paid out 200,000 in attorney fees, can he write off attorney fees against his award or just the award is taxable,
thanking anyone in advance.
Refinancing a property and pulling cash out has no effect on your capital gain recognition. It is only a financing transaction and not a sale, so no capital gain event has been triggered.
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