tax law - is a law suit compensation taxable?
I brought a law suit against my employer for FMLA (Family Mediacal Leave Act) abuse. The money paid to me was compensation for them breaking the law. Because the income was not for wages, or hour worked or providing services, is it taxable? If I were in a car accident and received compensation, that's not taxable. So, if my employer is compensating me for damages, breaking the law, and causing me to lose my car to repocession, is that money taxable?
1 Answer from Attorneys
Re: tax law - is a law suit compensation taxable?
Your answer is a resoundingly unsatisfactory IT DEPENDS on your individual tax circumstances, which is beyond the purview of this board. You need to bring the papers associated with the FMLA suit to your accountant or tax attorney (who should also be a CPA) and ask your question of them.
THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.
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