are court settlements taxable

Puhiguy · ‎02-13-2020

are court settlements taxable? cannot find definitive answers please advise

abctax55 · ‎02-13-2020

Depends on what they are for... NMI !

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IRonMaN · ‎02-13-2020

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

Slava Ukraini!

itonewbie · ‎02-13-2020

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.

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are court settlements taxable

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