Legal Question in Sexual Harassment in Kentucky
Paying taxes on settlement
I just received a letter from the IRS saying i owe taxes on a settlement i received a few years ago. I had asked my lawyer and was told i woul not have to pay taxes on this amount Do I have to pay taxes on this?
Asked on 10/11/08, 1:24 pm
1 Answer from Attorneys
Mike Troutman
Troutman & Hays, PLLC
Re: Paying taxes on settlement
It depends on what your settlement was for; personal injury is not taxable but if it was for lost wages then yes.
Answered on 10/13/08, 9:57 am