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| *The Commerce Journal>>>Other Taxes |
I am about to win a 42,000 lawsuit, non of this will go in my pocket, am i liable for taxes on this? |
This money will settle a bankruptcy and non will go in my pocket, If I have to pay taxes on this 42,000 I don't want to sign the agreement they want me to sign to end this lawsuit Legally it's going in your pocket, it's just coming back out real fast to pay off other debts. It might still be taxable income. Check with your lawyer. call a CPA or ask your lawyer Settlements for physical injury or illness are not taxed. Settlements that make you whole again are not taxed either. Without knowing the particulars of your situation it's not possible to say if this will be taxed or not. |
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