lawsuits and tax consequences - september 2016
TRANSCRIPT
I n t h i s s e c t i o n w e w i l l c o v e r :uraccounted4accounting.com
Excluded
I n t h i s s e c t i o n w e w i l l c o v e r :uraccounted4accounting.com
ExcludedIncluded
I n t h i s s e c t i o n w e w i l l c o v e r :uraccounted4accounting.com
ExcludedIncludedDeductions
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PLAINTIFFRECEIVESDAMAGES
DAMAGES
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TWOCATEGORIES
COMPENSATORY
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MaybeTax
Exempt
PUNITIVE
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Taxable
NOT TAXABLE
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Compensatory
NOT TAXABLE
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CompensatoryPhysical Injury
NOT TAXABLE
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CompensatoryPhysical InjuryPhysical Illness
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OTHERWISETAXABLE
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ABOVE
LEGAL FEES
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ABOVE
LEGAL FEES
BELOW
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SCHEDULE CSCHEDULE E
ABOVE
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ALMOSTANYTHING
ELSE
BELOW
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SOMEDISCRIMINATION
CASES
EXCEPTION
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ITEMIZED2% AGI
LIMITATION
BELOW
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BAD NEWSFORAMT
TAXPAYERS
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TAXBENEFIT
RULE
REMEMBER
R e c a p o f w h a t w e c o v e r e d :
Compensatory & PersonalInjury Not Taxable
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R e c a p o f w h a t w e c o v e r e d :
Compensatory & PersonalInjury Not TaxableAlmost Everything Else IsTaxable
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R e c a p o f w h a t w e c o v e r e d :
Compensatory & PersonalInjury Not TaxableAlmost Everything Else IsTaxableUsusally 2% ItemizedDeduction
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