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Old 11-30-2012, 11:41 AM
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cindyb cindyb is offline
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Join Date: Jan 2008
Location: KY
Posts: 354
Quote:
Originally Posted by rosewater View Post
all income is considered taxable regardless of the source....haha that damn IRS
Quote:
Originally Posted by anyway View Post
here is a question i have not seen on here................is this settlement agreement taxable,will we have to claim this on our taxes??


From the IRS site http://www.irs.gov/Businesses/Small-...#_Toc305586646 :
Quote:
Product Liability

Product liability cases often include claims for personal physical and mental injury. For example, X brings a claim for personal injury against an auto manufacturer claiming a wreck was caused by a faulty steering column on his car, or Y brings suit against the manufacturer of a contaminated pesticide claiming damage to his ornamental plants, and injury to his nursery and his business reputation.

These type cases will usually involve the various elements relative to compensatory damages for physical and mental injury, discussed above, as well as punitive damages. Proper allocations among the taxable and nontaxable portions received must be determined.
Guess that means the courts will determine?



Quote:
Originally Posted by Longshot View Post
Got my check today! Was surprised to see that large of check come regular mail. Not certified, or anything. Was 6 weeks after mailing my signed CRA back.
I'm happy for you. My damage continues.
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