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Can you deduct a paid judgment from you taxes?
Published May 16, 2011
Question by Harry Y: Can you deduct a paid judgment from you taxes?
My wife and I opened up a mail order business (partnership) in 1998. We leased some equipment (creditcard processing and printer). We ended up defaulting on the contract and closed the business. We were sued and a judgement was entered against us. Finally in 2007, we were able to pay the judgment. (5000.00) Can we deduct this amount on our 2007 taxes even though the business is not active? If so, what form do we use to deduct it? Thanks!
Best answer:
Answer by v b
You’d have to file another business return. That would be another 1065 marked “final.”
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