Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

I was in a accident in February of 2010. My insurance company sent me a letter saying it was the other drivers fault. The other driver was a Alabam state trooper who made a u-turn in front of me and when I went to avoid the accident, he hit me. To cover his wrongful action, he gave me two tickets and then lied in court as to what happened. We both had the same insurance company so I did not get my deductible back and I had to pay $300 for the tickets. Can I write those items off on my taxes?


ANSWER


Expert Thomas Graham iii's Answer:

Unfortunately you will not be able to write the tickets off as deductible. IRS Code Section 162(a) states that you cannot get a tax deduction for "fines or penalties" which are paid to a governmental entity such as US or foreign, federal or local. Basically, the government doesn’t want to incentivize what it considers breaking the law.

Thomas Graham iii, CPA, CFE

Oklahoma

7 yrs experience

  • Currently 5.0000/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
78 Ans.

COMPANY INFORMATION




We do not offer or provide any investment advice or services or opinion regarding the nature, potential, value, suitability or profitability of any particular security, portfolio of securities, transaction or investment strategy.

Copyright © 2024 BIDaWIZ, Inc. Privacy Policy | Terms & Conditions