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re: Question about settlement and taxes
Posted on 3/17/19 at 7:16 pm to iknowmorethanyou
Posted on 3/17/19 at 7:16 pm to iknowmorethanyou
quote:
Your attorney 1099'd you? Or it came from the insurance company?
We got two from the attorney, one for me and one for my wife.
1
Posted on 3/17/19 at 7:24 pm to kywildcatfanone
Found this on an IRS document about settlement liability.
"If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income."
Do I just not record it at all? Is it that simple?
"If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income."
Do I just not record it at all? Is it that simple?
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