Lawsuit settlements tax deductability

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • sdtaxman
    Member
    • Nov 2006
    • 73
    #1

    Lawsuit settlements tax deductability

    Can someone point me to some clear guidance on the tax deductibility of lawsuit settlements. I have a client that is settling with the plaintiff for damages above the liability on his business autos. Is this deductible?
    Tags: None
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      Pub 4345 is a quick reference. Check TTB 3-17 2019 Deluxe Edition.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...