Do I get to deduct monies that I spent towards my lawsuit and how does that affect my settlement

That depends on whether your lawsuit was for a business or if it was for a personal issue.

In general, legal fees that are " ordinary and necessary" to your business operation, including rental properties, can be deducted. This is true even if you didn't win the legal case in which the legal fees were incurred.

As part of the Tax Cuts and Jobs Act, companies are now precluded from writing off litigation expenses paid or incurred after December 22, 2017 in harassment or sexual abuse cases subject to non-disclosure agreements. The precluded deduction applies to any attorneys’ fees, payments, or settlements related to the case.

In general, personal legal fees are not deductible on your (federal) Form 1040, Individual Tax Return but may be deducted in your state return. This would depend upon your state tax laws.. 

According to the IRS any personal legal fees can not be deducted. 

These fees include:

• Fees that you pay in connection with the determination, collection or refund of any taxes
• Personal legal expenses, including:
  • Child custody
  • Purchasing real estate
  • Breach of promise to marry
  • Civil or criminal charges related to personal relationships
  • Personal injury
  • Title preparation
  • Estate planning such as will preparation
  • Property claims or settlements
  • Divorce
• Fees for defending civil or criminal charges that arise from your participation in a political campaign

Click here of "Can I Deduct Legal Fees on My Taxes?"
 

Click here for "Settlements—Taxability"