2007-02-09 10:24:35 · 5 answers · asked by tim c 1 in Politics & Government ➔ Law & Ethics
That depends on a few things. You should get an attorney to handle this for you.
The settlement may not be taxable, but the estate is- so if the money goes through your father's estate (trust? probate proceeding? intestate?) it could be taxed that way through the estate.
I hope that makes sense, but you should talk to an attorney anyways.
2007-02-09 10:28:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Its income and the Democrats are back in Congress.
What do you think ?
You need to run, don't walk to an expert who can help you with your taxes. If you got it this year than there may be things you can do to shield it against the IRS like dumping it in your retirement account. I think that will work.
If you got it in 2006 than your options are more limited but he or she can help you save the money that is rightfully yours and not the government's.
This is a one time windfall and you are not in the same category as someone who makes such sums every year. You have to do everything you can to protect it.
Good luck! And go see an expert tax strategist even its a relatively small sum. He/she wil pay for themselves I am sure at the very least.
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2007-02-09 18:27:49 · answer #2 · answered by John16 5 · 1⤊ 1⤋
yes and no. Yes because they claim that due to the 16th ammendment, they can tax income.
No, if you actually look and read the Constitution and look at how the 16th ammendment has nothing saying the taxation of income(hell, not even a definition of income). They just inforce it upon us, making us believe that we have to do taxes each year.
2007-02-09 18:34:56 · answer #3 · answered by Ted S 4 · 0⤊ 0⤋
Yes, plain and simple.
2007-02-09 18:28:04 · answer #4 · answered by meemadee2000 3 · 0⤊ 1⤋
democrats or not...............yes
2007-02-09 18:31:56 · answer #5 · answered by Praiser in the storm 5 · 0⤊ 0⤋