If You Receive Money From A Lawsuit Do You Have To Pay Taxes On That Money?


4 Answers

patty reece Profile
patty reece answered
You need to contact a lawyer but usually
they don't on a certain amount and then the lawyer will tell you , sometimes it depends on what the lawsuit was from how it was invested if it was and so on, If you had an attorney in your state that settled that case just call his or her office,they will know okay
Anonymous Profile
Anonymous answered
An attorney, if they are doing their job, will state quite clearly if the taxes are to be paid by the defendant, the plaintiff, or both.  But, they do have to be paid regardless.  If it is left unspoken, then it will be the responsibility of the plaintiff
Katrina Ferguson Profile
You will need to ask your lawyer to find out for sure.
Anonymous Profile
Anonymous answered
I have received a settlement of 300,000 dollars form a sex harassment case and would like to know if this money is taxable and if it is how much federal and state taxes.

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