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Puhiguy
Level 1
February 13, 2020

are court settlements taxable

  • February 13, 2020
  • 3 replies
  • 19 views

are court settlements taxable? cannot find definitive answers please advise

    This topic has been closed for replies.

    3 replies

    abctax55
    abctax55
    Level 15
    February 13, 2020

    Depends on what they are for...  NMI !

    HumanKind... Be Both
      IRonMaN
      IRonMaN
      Level 15
      February 13, 2020

      I think you are going to need to provide some more definitive information to get a definitive answer.

      Slava Ukraini!
        itonewbie
        itonewbie
        Level 15
        February 13, 2020

        Generally yes unless it is attributable to physical (not emotional) injuries and sickness under §104 but even that has conditions.  Character of the income from settlement, which depends on the original of the claim, would determine how it gets taxed.

        ---------------------------------------------------------------------------------Still an AllStar
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