Do I have to claim settlement money on taxes?
Asked by: fgr8out
My husband received a settlement for wrongful prosecution. The lawsuit was meant merely to recoup the money we were forced to pay for restitution, supervision fees, and attorney fees. The results of the settlement ended up being about $ 9,000.00 dollars more than our total fees. Do we have to pay taxes on all of it or only the monies that were not a reimbursement from the wrongful prosecution? What would it be considered on the tax forms ie other income?
How others found here:
- do you have to pay taxes on a settlement
- do you have to claim a settlement as income
- Income Tax on Settlement Money