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Huge deductible legal expense - what to expect with IRS
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I've seen the bills, so I know these expenses are legit - six digits, for a suit that I believe to be to recover taxable income. I see a lot of audits on large Misc. deductions, but never ones this big.
Assuming this will be questioned, would the lawyer's bills be enough? Bills plus canceled checks? Or will the IRS insist on info about the lawsuit to prove that the intent is to recover taxable income?
The kicker, of course, is that they still might lose the suit and be out the big bucks.
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- 8 years ago
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