Brooklyn, NY asked in Tax Law for New York

Q: How should I proceed issuing the corresponding 1099 form to show settlement payment?

In à recent civil case the settlement stipulation required I make periodic payments totaling $60K to my sister's attorney's escrow account.

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1 Lawyer Answer
Tim Akpinar
Tim Akpinar
  • Little Neck, NY
  • Licensed in New York

A: This is something that only the tax attorneys here are qualified to answer, but you await a response for five weeks. If you haven't already resolved this, you could reach out to tax attorneys (Find-a-Lawyer above, or search on your own) or check with your accountant for meaningful direction. From the description, it isn't clear what type of case it involves, but cases can differ in terms of how their damages are treated in terms of their tax issues - from my own experience in complex personal injury files involving multiple types of damages - economic losses (reimbursed or non-reimbursed first-party benefits, lost wages, future wages, etc.), non-economic losses (pain & suffering), property damage/depreciation, etc., my clients generally consult with their accountants. Good luck

Tim Akpinar

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