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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I am in the same situation but maybe I can simplify. I had

Customer Question

i am in the same situation but maybe I can simplify. I had to borrow money to pay legal fees for a contempt action to collect alimony. In 2014 I paid 15,000 in legal fees but had $0 income. In 2015 I received the back alimony of $20,000 so far. So basically in 2015 I have income but I can't use the deduction that I had in 2014 because it can't be used in the NOL calculation?
Submitted: 2 years ago.
Category: Tax
Expert:  ShawnA replied 2 years ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. Retired CPA
As a cash basis tax part Tax basis. Sad but true.