it is not my fault someone rear ended me, do i need to declare the money as income
2007-09-07 03:01:29 · 3 answers · asked by tree dancer 3 in Business & Finance ➔ Taxes ➔ United States
If it was reimbursement like for damage to the car or for medical bills, then you don't declare it - otherwise maybe, depending on exactly what it was for. It's possible for some to be taxable, some not.
Free school lunches doesn't enter into it. If your total income for the year is above the limit where you'd have to file, then you do.
2007-09-07 03:21:52 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Settlements for personal injuries are not taxable.
If any part of the settlement was for "lost wages" or "punitive damages", that part is taxable.
2007-09-07 10:19:34 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
no
2007-09-07 10:03:42 · answer #3 · answered by NAtt 2 · 0⤊ 0⤋