Over the last two years ed had spent nearly 600000 in, Ask an Expert

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A few years back, Ed & Lily won a lotto ticket worth $10 million, payable over 20 years. Two years ago, Lily's brother-in-law sued them, claiming that he had paid Ed $5 to buy a batch of tickets, of which one of them was the winning ticket. Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings.

How and where would you deduct the attorney fees?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404609

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