Law question...?

Question

How and where do I put an out of court selttlement for 5K for "release of liablility" on the means test? Is it exempt? This 5 K makes the difference between C 7 and 13. It doesn't seem right to add it to income when in it is not a regular payment, gift or ongoing. Also, I don't gamble much, but do I need to go to the local casino and get a statement of loss to attach to the losses gambling part of statement of financial affairs?

Answer 1

Going and getting a statement of loss from the casino is a GREAT idea! Most don't offer such things....but if yours does, then do it so you have documentation for tax purposes! Honestly, I don't know if it is exempt or not. You should go see a CPA about that.