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Legal fees on a settlement
My client received a settlement from a stock broker, issued to them a 1099 and stated it was reimbursement of premiums. The client never took the investment expense deduction on the schedule a in the past. We are obviously reporting the 1099 as other income. My question is, can we net the income with the legal fees that the client incurred to receive... -
Whiteside V FedEx Settlement
Whiteside Vs. FedEx Settlement claimants received a 1099 with settlement amount reported in box 3 - Other income for the gross settlement award amount. It is noted as 100% Non-wages with no taxes withheld. Generally, these types of settlements are considered punitive damages and are considered taxable to the claimant. Is anyone aware of any exceptions... -
Theft Losses and Legal Fees
Taxpayer brought a suit against a business partner for fraud/embezzlement. Taxpayer won judicial settlement for an award that is a fraction of the amount that was embezzled.
Can the balance of the unrecovered loss be deducted as a theft loss? I think it can...see Goeller, US Court of Federal Claims, March 2013.
Are... -
Independent Foreclosure Review Payment Qualified Settlement Fund
Did anybody have any experience with this during 2014 tax season?
Taxpayer received a large lump-sum payment in 2013 from this settlement fund, related to certain foreclosure proceedings that occured in 2009 and 2010. The settlement fund issued a 1099-Misc, box 3 other income.
Just curious if anybody else came across...