Martin L Bearg

Martin L Bearg Livingston Contracts / Agreements Lawyer

Posted over 13 years ago.

BTW: As you received a recovery, I do not believe there was malpractice, especially if you agreed to the settlement. The bank has an obligation to issue a 1099-MISC every time it pays more than $600. Some of the recovery may be deductible as a Sch A deduction. Talk to your tax return preparer.

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Asker

Posted over 13 years ago.

Thanks for your information. Presently I am involving IRS on this issue since they want to collect taxes from me for the $12,000.00 and not for what I got, $5,000.00. Another issue is when I paid to the bank was with money for which I already paid the taxes at the time I gained. So if the bank return to me my own money why then I have to pay again taxes for them?
As soon I got the result from the IRS I will need the lawyer to sue my former lawyer who did not finished his job so far after 6 years.