Discussion:Employee Deduction Or Not?

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Basic Tax Questions --> Employee Deduction Or Not?
Discussion Forum Index --> Tax Questions --> Employee Deduction Or Not?

Taxestaxes (talk|edits) said:

19 March 2009

I have a client who is a loan officer and said that he had to pay a loan off for a client that defaulted because he was the one who approved the loan and was responsible for it. Sounds like its a business exp, sched A, but wanted any thoughts or comments. Hadnt had this before and I guess my concern is that I don't think it really was his required, he just felt obligated to pay it. But I guess all I can do is take his word for it since he says its required of his position.

Taxea (talk\|edits) said:	20 March 2009
If this was required by his employer I would think that there would be a document from the employer that explains or requires the payment. I would hesitate to include it anywhere on the return without such document from the employer. taxea

Death&Taxes (talk\|edits) said:	20 March 2009
Sounds like he made a loan he shouldn't have and without proper approvals. Taxea is right; you need more than his assurance.