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• 1. C

     SETTLEMENT CONTINGENCY FEE INCOME TAX

     Thank you for your quick response. 1) First, are you saying that the $5,000 is what the trust would have paid you before the undue influence contest? Correct 2) And you pursued the undue influence case in a claim that you were due more than $5,000? Correct 3) What exactly does the...

     • consumerflorida
     • Post #7
     • Feb 27, 2021
     • Forum: Tax Law
  2. C

     SETTLEMENT CONTINGENCY FEE INCOME TAX

     Gets a settlement means that the person is receiving a settlement, in other words in a legal proceeding a stettlement was reached. Okay. The case took place in California, but the person who filed the lawsuit now resides outside of California ( no state taxes!) Meaning the petitioner is now...

     • consumerflorida
     • Post #5
     • Feb 27, 2021
     • Forum: Tax Law
  3. C

     SETTLEMENT CONTINGENCY FEE INCOME TAX

     Assume someone resides in Texas and gets a settlement in CA . The settlement is 80 K. No pain and suffering settlement. The "source of origin" of the settlement is an undue influence claim . The person was defrauded and should have in the fraudulent will received 5K , now he settles his...

     • consumerflorida
     • Thread
     • Feb 23, 2021
     • Replies: 6
     • Forum: Tax Law