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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15193
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I received an award from the court for money lent to defendant.

Customer Question

I received an award from the court for money lent to defendant. Is that award tax deductible ?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

So, your award was to pay you back for money that you lent to the defendant?

MyVirtualCPA :

Did you ever claim a deduction on your taxes for an uncollectible debt?

MyVirtualCPA :

If this is simply returning money that you lent to someone else, this is not taxable. However, if you took a deduction for business or nonbusiness bad debt, you would need to include the amount you deducted as income on line 21 of your tax return

MyVirtualCPA :

Please let me know if you need further clarification. If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Expert:  Megan C replied 1 year ago.
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Expert:  Megan C replied 1 year ago.
Bill,

I see you were unable to join our chat. Please take a moment to look over my response, and let me know if you have any further questions. It was a pleasure working with you. If I have answered your question, please rate as "excellent" so that I may receive credit for assisting you today.

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