judgment

Can you deduct a paid judgment from you taxes?
Q. My wife and I opened up a mail order business (partnership) in 1998. We leased some equipment (creditcard processing and printer). We ended up defaulting on the contract and closed the business. We were sued and a judgement was entered against us. Finally in 2007, we were able to pay the judgment. (5000.00) Can we deduct this amount on our 2007 taxes even though the business is not active? If so, what form do we use to deduct it? Thanks!
Asked by Harry Y - Fri Feb 8 00:34:17 2008 - - 1 Answers - 0 Comments

A. You'd have to file another business return. That would be another 1065 marked "final."
Answered by the tax lady - Fri Feb 8 02:28:55 2008

Can I receive interest on a judgment that doesn't get paid for years? How should this be done?
Q. I anticipate I will get paid on the judgment when the judgment debtor sells his house.Any suggestions you have will be appreciated. The judgment in small claims court is in Calif (as is the debtor's house). Thanks.
Asked by BlairLuvr - Sun Mar 28 22:30:14 2010 - - 2 Answers - 0 Comments

A. Yes you can. The judge will set the interest terms. There are minium interest rates that apply, but the judge can hike those up. The downside, the debter may file bankruptcy and you will get zero.
Answered by U Hate ME! U Really HATE ME! - Sun Mar 28 22:36:21 2010

Trying to buy a home and I have a judgment I having trouble paying?
Q. I am trying to purchase a home but I have a judgment for late rent from back in 2005. The property management company that I was renting from has gone bankrupt and was bought out by a new company. The newly acquired company states that they cannot accept payment or have anything at that to do with my judgment since it was before they acquired the company. I cannot get final approval for my home loan since I have this judgment but I cannot get anyone to accept payment for it. What can I do about this.
Asked by alex c - Fri Mar 26 21:59:22 2010 - - 3 Answers - 0 Comments

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Answered by Lim Koh - Sat Mar 27 17:41:50 2010