Deducting the attorney fees

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Reference no: EM13124399

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?

Reference no: EM13124399

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