Deepwater Horizon Oil Spill Claim

[oceanlovin'ea]

Anyone had any dealing with companies who lost business because of the oil spill in the Gulf of Mexico or any other kind of disaster?

I have a copy of the letter from the attorney's office, showing distribution of funds but no mention if this is taxable.

Just trying to think this through....it is to compensate for lost income so it would be considered income, I would think. Farmers have to add to income help they get, don't they?

I sent a fax to the attorney's office. I'll see if I get a response.

Linda, EA

PS: THis is the same client from the previous rant

[oceanlovin'ea]

Just got an email back from the lawyer who handled the case. He said it is taxable. Client won't be too happy about that. Glad I have the word of her lawyers.

Linda, EA

[veritas]

Fascinating

Just got an email back from the lawyer who handled the case. He said it is taxable. Client won't be too happy about that. Glad I have the word of her lawyers.

Linda, EA

an attorney that says something is taxable.

[Davc]

It's also SE income.

[oceanlovin'ea]

yes

Yes I agree. It would go on the Schedule C as other income.

Linda, EA