can a law suit be written off?

Question

i was sued and i lost the case .i had too refinance my house to pay off the settlement. can i write this amount off as a loss ? if i can how

Answer 1

You need to contact a Certified public accountant. He can give you all the information you need.

Answer 2

You need to speak with a CPA immediately. I recall tho that only improvements to the home and a % of the house payments might still be deductible.

Answer 3

I'm not sure but call a good CPA and they can tell you or advise you how to handle it. Good luck.