Legal Question in Tax Law in California
are penalities and interests awarded to a plaintiff in a settlement subject to income tax?
Asked on 8/15/11, 9:17 pm
1 Answer from Attorneys
George Shers
Law Offices of Georges H. Shers
Recoveries related to lost of income are taxable but not if they are for bodily or mental injuries.
Answered on 8/16/11, 7:03 pm
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