Disclaimer
The opinions expressed herein are my own personal opinions and do not represent anyone else's view in any way, including those of my employer.
© Copyright 2010
The opinions expressed herein are my own personal opinions and do not represent anyone else's view in any way, including those of my employer.
© Copyright 2010
child injured in personnel vehicle
Dear Dale: Settlements are taxable if the money is for back wages and in this case the money is for injury and therefore NOT taxable. Attorney’s fees in conjunction with this case using the same logic would NOT be deductible.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
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6:35 am - December 31st, 2010
no, they’re not. (It’s not income; what "work" did your child complete to receive the settlement?)
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6:55 am - December 31st, 2010
Settlements for person injury are not taxable.
References :
7:39 am - December 31st, 2010
Dear Dale: Settlements are taxable if the money is for back wages and in this case the money is for injury and therefore NOT taxable. Attorney’s fees in conjunction with this case using the same logic would NOT be deductible.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
References :
8:27 am - December 31st, 2010
if this payment to correct a wrong, or restoration, no
References :