Second Try Can Someone Help

[Dan-o-]

What is the name of your state? Massachusetts

Hello, I received a lump sum settlement of 20,000 dollars (13100 after lawyers have been paid) for an auto accident in which I received a broken foot. I simply want to know if I have to pay taxes on this amount (put into checking) and, if so, what form(s) I would use? I will be giving the money away as a gift, can you tell me if this is as easy as reporting the 13100 as income and then filling out a 709 gift form? Do I report the whole 20000 as income? Do I report 13100 as income? Do I declare nothing as income?

[Happy Trails]

Originally Posted by Dan-o-

What is the name of your state? Massachusetts

Hello, I received a lump sum settlement of 20,000 dollars (13100 after lawyers have been paid) for an auto accident in which I received a broken foot. I simply want to know if I have to pay taxes on this amount (put into checking) and, if so, what form(s) I would use? I will be giving the money away as a gift, can you tell me if this is as easy as reporting the 13100 as income and then filling out a 709 gift form? Do I report the whole 20000 as income? Do I report 13100 as income? Do I declare nothing as income?

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[stephenk]

was any portion of the settlement for loss of earnings or income?