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Old 04-12-2001, 07:48 AM
Gary Cisneros
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My wife recently won a law suit! Is it considered taxable income, and if so how much should I expect to pay in taxes, i.e. percentage.
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Old 04-12-2001, 10:45 AM
Taxguy
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It depends on the nature of the lawsuit and the nature of the award.
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Old 04-12-2001, 01:12 PM
Gary Cisneros
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re; your question on type of law suit

Thanks for you reply, it was a lawsuit for one of the famous diet pills.
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Old 04-12-2001, 01:36 PM
Gary Cisneros
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Almost Forgot

Taxguy, I almost forgot,......a six figure value was awarded as a settlement
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Old 04-12-2001, 02:56 PM
Taxguy
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Payments for personal injury and bodily damage are not taxable.
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