Are Paid Lawsuit Damages Tax Deductible?

Answer Damages are a sum of money paid to a plaintiff who wins a civil lawsuit. There are several categories of damages that can be paid at the conclusion of a lawsuit. Certain types of damages are subjec... Read More »

Top Q&A For: Are Paid Lawsuit Damages Tax Deductible

What If You Have a 500 Deductible But Your Damages Are Less?

When the cost of a potential insurance claim is less than the amount of the per-claim deductible, policyholders must decide whether it's worth filing a claim. This decision can be complicated by se... Read More »

When an employee is in an auto accident during business hours and the other driver decides to file a lawsuit for damages who is liable the employee or employer?

Answer If the employee was in a company vehicle, on company business, then the other driver would suit the company.But it also depends on where the accident took place, as the laws differ.

If your insurance company paid you for damages to your car can you use the money for a down payment on a new car instead of fixing the old one?

AnswerAs long as there is no lien against the old car, you can use the insurance settlement for anything you want. But you won't be able to get insurance on it until it is repaired.

Are premiums paid for HSA tax deductible?

Premiums paid for Health Savings Accounts (HSAs) are tax-deductible. To qualify for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP) and not be on Medicare, have any other heal... Read More »