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Started By
Message
re: TN cop who let the whole department bang her settles lawsuit for $500K
Posted on 3/22/24 at 10:09 am to TDTOM
Posted on 3/22/24 at 10:09 am to TDTOM
quote:
Are settlements taxable?
this is when the irs starts getting fricky with wording.
quote:
The general rule regarding taxability of amounts received from settlement of lawsuits and other legal remedies is Internal Revenue Code (IRC) Section 61. This section states all income is taxable from whatever source derived, unless exempted by another section of the code.
1
Posted on 3/22/24 at 10:21 am to dgnx6
Reimbursement for injuries should not be taxable.
Compensation for past or future wages through judgment should be taxable income.
If her claim is that she was withheld a promotion, the difference in income would be taxable.
If her claim is that she can't get future work in the field because of treatment or unfair tarnishment of work record, the income would be taxable.
Compensation for past or future wages through judgment should be taxable income.
If her claim is that she was withheld a promotion, the difference in income would be taxable.
If her claim is that she can't get future work in the field because of treatment or unfair tarnishment of work record, the income would be taxable.
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