I had read this was okay, but now am seeing otherwise and am afraid I may go to jail. I know I will have a tax bill to pay in April. I make around 75k a year, but only take home around $3400 (normally, $3800 after allowance change) and have a significant amount of debt (not that it matters to the... Read more »
You're not going to go to jail for an unpaid tax bill.
died before the lawsuit was settled, and lived in the state of California. I live in Tenn. I was named successor in interest over my brothers Lawsuit. He died on 11/27/2015 while Tn inheritence tax was in effect, The total amount I received was 28658.69. I plan on deducting 4500. for an expense he... Read more »
your lawyer should be able to answer that. The law of the state where the estate is governs. Also note generally the claims of injury cases are not subject to state or federal taxes, and hopefully your lawyer worked the wongful death/survival claims in a way that gives the best bounce. But you... Read more »
For federal income tax purposes - generally compensation for physical injury (noneconomic damages)to a person is not taxable. However, economic damage awards and punitive awards are subject to federal tax. www.wisconsinbankruptcy.mobi
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