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The structured settlement tax rules enacted by Congress lay down a bright line path for a structured settlement. Once the plaintiff and defense have settled the tort claim in exchange for periodic payments to be made by the defendant (or the defendant's insurer), the full amount of the periodic payments constitutes tax-free damages to the victim.
If a personal loan debt is canceled or forgiven, the amount forgiven becomes taxable income. In such cases, you should receive a 1099-C form from the lender that can be used to claim the forgiven ...
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 ...
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 ...
If a lender forgives some or all of the loan, you may have to pay taxes on the forgiven loan amount. The IRS allows taxpayers to deduct interest on personal loan funds used for business purposes.
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 ...
Scholarships. Amounts in the nature of compensation, such as for teaching, are included in gross income. [34] Certain employee benefits. Non-taxable benefits include group health insurance, group life insurance for policies up to $50,000, and certain fringe benefits, including those under a flexible spending or cafeteria plan. [35]
In a personal injury lawsuit in common law jurisdictions, the two basic forms of compensatory damages that may be awarded are economic damages, compensation for the injured person's past and future financial costs and losses, and non-economic damages, compensation for the pain and suffering which results from an injury. As many jurisdictions ...
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