do i have to pay taxes on money gotten from a none lawsuit slip and fall? if so what percentage?

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do i have to pay taxes on money gotten from a none lawsuit slip and fall? if so what percentage?

2007-11-19 18:56:01 · 1 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

1 answers

What do you mean by "none lawsuit?"

Settlements for physican injury and illness are not taxable. However if part of the settlement is earmarked for interest, lost wages, or punitive damages, that portion is fully taxable as ordinary income.

2007-11-19 20:45:24 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋