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C
cruzgorr
Level 2
January 13, 2025
Question

RESTITUTION IS DEDUCTIBLE

  • January 13, 2025
  • 3 replies
  • 9 views

MY CLIENT WAS FORCE TO SALES HIS PROPERTY TO PAY THE LOCAL GOVERNMENT MONEY DUE..THE GOVERNEMNT TOOK 100 OF MONEY RECEIVED. CLIENT GOT NOTHING 

QUESTION IS THE RESTITUTION DEDUCTIBLE

QUESTION THEY TOOK 100% OF THE MONEY INCLUDING HOW ABOUT CAPTAL GAIN 

This topic has been closed for replies.

3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
January 13, 2025

he had to sell the property to pay some kind of debt?  What was the restitution for?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    BobKamman
    BobKamman
    Level 15
    January 14, 2025

    We know you can use lower-case letters because your last 4 posts, in 2020 and 2022, accomplished that.  Welcome back, and please provide more details.  

      T
      TaxGuyBill
      Level 15
      January 14, 2025

      He sold a property and paid a debt that he owed. 

      Why do you think anything would be deductible if he paid a debt?

      Yes, if the property was sold at a gain there will be capital gain tax.

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