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If you lose a lawsuit can you write it off against your income?
Wiki User
∙ 17y ago
The IRS doesn't care whether you spend your money on gambling, a house, a car, alcohol or lawsuits. If you had won the lawsuit, you would be able to offset any of the money that was income (winnings are not necessarily income) by the cost of winning the case. But in this case spending money doesn't affect your income. They want to discourage lawsuits, not provide incentives for them. Yeah, it can be harsh, but that's the way it is.
Wiki User
∙ 17y ago
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What if you lose a law suit and you are broke?
If you have lost a lawsuit, and you have no income and no assets, you might want to investigate the possibility of bankruptcy.
Who can garnish wages or income tax returns?
Can credit card companies that take you to civil court garnish your wages or income tax return if you lose in the lawsuit
What part of your income can they garnish if you pay child and spousal support and lose a civil lawsuit of personnal injury?
Anything left up to 65%
Did mark zuckerberg lose a law suit?
No he did not lose the lawsuit.
You do not want to have it but when you do have it you do not want to lose it What is it?
A lawsuit
What do you want to have and don't want to lose?
lawsuit
You do not want to have me But when you have me You do not want to lose me What am I?
A lawsuit.
What do you not want to have and not want lose?
lawsuit
You do not want me when you don’t have me, but when you have me you don’t want to lose me. What am I?
A lawsuit
What happens if a Plaintiff of a Lawsuit refuses a motion for discovery?
They lose
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
What is it that you don't want but once you have it you don't want to lose it?
a lawsuit
