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Shawn P Adamo's CPA LICENSE was verified on or about August 2010 by a leading third-party verification service.View the Terms of Service section on verifications
Is there a good way to lessen the tax burden from a economic loss settlement arbitrated by a FINRA (Financial Industry Regulatory Authority) for which the bank being sued issued a 1099misc for the full amount of the settlement. The initial economic loss far exceeded the amount of the settlement for which the client has a capital loss carry over and will have for over 20 years. The economic loss occurred during the 2008 banking melt down. To my knowledge I need to record the 1099 misc as income and can deduct attorney fees on schedule A. I was hoping for an option that would be less of a tax burden.