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    are court settlements taxable

    Puhiguy
    Level 1
    ‎02-13-2020 03:38 PM

    are court settlements taxable? cannot find definitive answers please advise

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    3 Comments 3
    abctax55
    Level 15
    ‎02-13-2020 03:44 PM

    Depends on what they are for...  NMI !

    HumanKind... Be Both
    IRonMaN
    Level 15
    ‎02-13-2020 05:15 PM

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


    Slava Ukraini!
    itonewbie
    Level 15
    ‎02-13-2020 05:31 PM

    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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