I need to know this for my taxes. Wisconsin told my mom that it was tax free....sooo, i need to know definatley.
2007-03-21 16:05:06 · 2 answers · asked by scott k 1 in Business & Finance ➔ Taxes ➔ United States
If you were the victim of a violent crime, any settlement you received for your physical injuries is not taxable. Whether this was paid by the perpetrator or a state crime victims compensation fund doesn't matter.
If you were the perpetrator and compensated your victim, you do not get a tax deduction for the payments you made.
2007-03-21 20:26:13 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The big question is, did you get a 1099 form for the donated money? If so, you may need to file. Gifts are generally not taxed unless the gift is a considerable sum. (Otherwise lots of grandchildren would be quite unhappy.) ;)
2007-03-21 23:59:33 · answer #2 · answered by Peggy K 5 · 0⤊ 3⤋