Also, if I were to give part of my settlement to a family member, would they have to pay taxes on that money? If you need more info, let me know. Thanks!
2007-12-02 15:28:17 · 3 answers · asked by cmd0622 3 in Politics & Government ➔ Law & Ethics
No. Damages awarded in a civil lawsuit, or paid in settlement of such a suit, are not taxable income, because they can't be deducted from the taxes of the payer.
Richard
2007-12-02 15:37:09 · answer #1 · answered by rickinnocal 7 · 0⤊ 0⤋
if the money is over a certain amount, yes you have to. ad if you give it to some family members....I'm not sure.
2007-12-02 15:31:47 · answer #2 · answered by shyra w 3 · 0⤊ 0⤋
yes it would be taxed because they tax everything....but i doubt that your family member would have to pay the taxes. you probably would!
2007-12-02 15:31:55 · answer #3 · answered by moonlightkitten 2 · 0⤊ 0⤋