Do you have yo pay taxes on a lawsuit?

Home | Links | Contact Us | Bookmark

Financial Forum Search :

Financial Forum

Taxes

Finance Discussion Forum

Advertising & Marketing Corporations Credit Insurance Investing Personal Finance Renting & Real Estate Small Business Taxes Business & Finance

If you file for divorce but it is not final until 2008, can you file taxes seperately for 2007?

...

What do yo think about inheritance tax, has it affected you someway?

...

How early can I e-file my 2006 tax return?

...

Which parent can claim our 5 yr old son on their taxes?

We are legally divorced and have 50/50 custody. I have our son from Monday after school through Friday when I drop him off at school. I provide medical insurance for him. My ex wants to claim him on ...

Is it Profit or Loss?

I bought a home last year the value was ВЈ120K. For that I paid 25K and rest of the money was paid by the banker. But now the value of the property has gone down to 80K. I am going to sell this house ...

Have you received your Economic Stimulus Refund yet???

The Gov said they would be releasing the funds earlier starting today for those of us who opted into direct deposit on their tax return.

I'm wondering if ANYONE has noticed the funds ...

How do I determine my tax rebate check amount?

All I hear is up to $600 for an indivisual and up to $1200 for a couple and $300 for each dependant. Well I am married with no children and last year I only made $23000.00 since I was in and out of ...

Should we pay taxes give me three reason?

...

I live with my fiance and he supports me and my daughter can he claim us on his taxes?

i only made a few thousand dollars this year and based on my calculations it will be more beneficial if he claims us HELPPP???
Additional Details
and do I have to file my own taxes?...

UK taxation. Are you up to your ears with it all ?

Hi folks.
Life was so much simpler when working ex-pat in the Mid-East.
No such thing as taxes.
I know that the UK Treasury has to show a nett gain, but.

If I earn money, I ...

Can I write off a laptop on my taxes?

I have a laptop that is about to bite the dust. I use the laptop for %50 work %50 myself. I travel a lot with work so I am using it for e-mail and production. I work for a radio station so I edit ...

I bought my house in 2006 June, can I still claim interest paid?

Additional Details
Can I combine the interest paid and property taxes from 2006 with 2007 interest paid and property taxes, if I did not claim 2006?...

Incometax claim 2 dependents that are not mine, what are the risks?

hi i been together with my girl for about 3 years now and though we're not married i'm helping her with her 2 kids and she has been claiming them as her dependents the last 2 years now. ...

How do I request a 1099-B and schedule D so I can do my tax return?

I currently use scottrade to trade my stocks. But I'm still down $2000 since the beginning. I need to file my tax return. How do I get the 1099-B and schedule D?...

Help with figuring my taxes?

Im trying to find out how much i may get back
i paid:
i made 31,652.07
federal: 3133.33
state: 1564.00

i have no kids and nothing to claim could some give me a idea of ...

Tax Audit question. I got audited. What do I do?

I got audited and the IRS sent me a letter saying I owe $3,236!!! Its my first time being audited and I really don't have the money to pay this off. I was wondering if anyone knew if I'll ...

How much is a typical tax refund of a single family, owning a house and has one dependent?

We're doing our taxes on our own for the very first time (TurboTax). Not sure if I'm doing it right because its lower than the usual refund we get and I have entered all infos I believe. S...

What kind of taxes to I have to pay if I make money online?

What kind of taxes to I have to pay if I make money online through Google AdSense or another program such as Amazon's Affiliate program?...

Will i get money back from my student loan on my taxes?

obviously im in the lower tax bracket, so when i file my income tax Im wondering how does the student loan affect it? Iknow when I report my taxes I will get money back for the federal money they ...

Has any one received their 2009 federal tax refund early or received yet?

I was under the impression that the first wave of deposits was 1-30-09 but now other peaople are saying the irs website (whers my refund) changed for them and says they will get by tommarro and one ...

CURTIS M

Do you have yo pay taxes on a lawsuit?

WhatAmI?

Yes, once your attorney has taken his/her share of the settlement.

tonalc1

In most cases they are taxable, unless the award is for a physical injury, then there are some different rules.

justwondering

Depends on the reward. If you are awarded your attorney fees and you have listed those fees as an expense on a prior years tax return - then you recapture it as income when you receive it. I'm not sure about punitive damage - think that is taxed, but not actual damage award.
Check this IRS site - you may have to do some more searching, but it gets you to the starting point.
http://www.irs.gov/publications/p525/ar02.html#d0e8039

bostonianinmo

Everyone who said a flat "yes" or "no" please go to the back of the class and put your dunce caps on.

Awards and settlements for physical injury or illness are not taxable. However if part of the award was earmarked for lost wages, interest, or punitive damages that part is fully taxable as ordinary income.

Awards and settlements that only make you whole again are not taxable. For example if you sue following a non-injury accident and recover money to have your car repaired, the amounts used to repair your car are not taxable. If you are awarded more than the cost of repairs, the excess is fully taxable as ordinary income.

Awards and settlements for such things as discrimination, slander, libel, etc. are fully taxable as ordinary income.

Attorney's fees can get messy so any competent attorney will structure the settlement so that he or she is paid directly by the other party. This way you don't have to deal with that mess.