Do you pay taxes on a lawsuit settlement?

Answer It will depend on what the settlement was for. As of August 20, 1996, a legal settlement or court award received is only tax free if the award was for a physical injury or physical sickness.Source:... Read More »

Top Q&A For: Do you pay taxes on a lawsuit settlement

Is a Lawsuit Settlement Taxable?

Some lawsuit settlements are taxable, and some are not. According to the state of Washington, an award that involves a company's normal business operations, such as a copyright royalty settlement, ... Read More »

Is a lawsuit settlement a tax deduction?

Taxpayers can claim a tax deduction on legal fees and court costs associated with lawsuit settlements. To calculate how much money you can deduct, taxpayers should determine the amount of the settl... Read More »

How do I Find Out If I Am Eligible for a Lawsuit Settlement?

Class action lawsuits seek compensation from parties (often large companies) whose products or services injured a large number of people. The people injured form the "class" of the suit. In some la... Read More »

How to Locate a Settlement Lawsuit Fund?

Settlement lawsuit funds exist throughout the United States. A settlement fund refers to money that stems from a litigation case. Most settlements have deadlines and require recipients to sign waiv... Read More »