Ask an Accountant

A free tool by

Question

I received 1099 for settlement on lemon law lawsuit. what can I write off or deduct?

AI accountant’s answer:

Generally, a lemon law settlement is only taxable for the part that exceeds your loss. Your settlement agreement might discuss if the settlement exceeds your loss.

No answer given yet!

Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

Track and claim every eligible deduction with Keeper

Keeper is the top-rated all-in-one business expense tracker, tax filing service, and personal accountant.

Try it free