Ad
related to: are personal injury payments taxable
Search results
Results From The WOW.Com Content Network
Personal injury is a legal term for an injury to the body, mind, or emotions, as opposed to an injury to property. [1] In common law jurisdictions the term is most commonly used to refer to a type of tort lawsuit in which the person bringing the suit (the plaintiff in American jurisdictions or claimant in English law) has suffered harm to their ...
A structured settlement is a negotiated financial or insurance arrangement through which a claimant agrees to resolve a personal injury tort claim by receiving part or all of a settlement in the form of periodic payments on an agreed schedule, rather than as a lump sum. As part of the negotiations, a structured settlement may be offered by the ...
The employer paid incomes taxes on behalf of an employee, and the Court questioned whether that payment constituted additional taxable income to the employee. The Court decided that the payment constituted income to the employee because "the discharge by a third person of an obligation to him is equivalent to receipt by the person taxed." Thus ...
Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax deductible under certain circumstances.
Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax-deductible under certain circumstances.
A taxpayer’s insured home is destroyed by an accidental fire. Prior to its destruction, the home was valued at its adjusted basis of $100,000 and insured at $130,000. After receiving insurance proceeds, the taxpayer will have a personal casualty gain of $130,000 and a personal casualty loss of $100,000 for a net personal casualty gain of $30,000.
Even though federal tax rates in the United States are relatively low compared with many countries in the world, Americans often feel like they are overtaxed. No matter what type of money may come ...
This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [4] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income of ...