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I received $80,000 dollars after the bills was paid for a wrongful death suit for my son

Saint Albans, WV |

it was a car wreck he was the passenger. will I have to claim this on my taxes.and if so how much percentage of tax will I have to pay. should i receive a 1099. and can I collect the $255.00 funeral benefit from social security. he was 23 years old

Attorney Answers 5

Posted

This is a question for the attorney that handled your case and/or a local accountant.

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Posted

Schedule with your attorney to address your concerns. Was the policy limit paid? Did you have additional insurance? Your lawyer would have addressed these issues. Most importantly, sorry for your loss.

Personal injury cases only; I'm good at it; you be the Judge! All information provided is for informational and educational purposes only. No attorney client relationship has been formed or should be inferred. Please speak with a local and qualified attorney. I truly wish you and those close to you all the best. Jeff

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Posted

Speak to your CPA

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Posted

Talk to you lawyer to explain how were the damages allocated. My feeling is that if it is Mental Distress damages they are non-taxable. However, if the pleading was based on loss of income, you should also consult with a CPA. Best of luck.

This answer is provided by California Accident Attorney Manuel A. Juarez, Esq., 510-206-4492. Abogado de Accidentes de Autos de California: 510-206-4492. Abogado de Lesiones de Accidentes de Autos, provides answers of a general context. These answers are not intended to form an attorney client relationship. Oakland Abogado Accidentes Autos, Abogado de Lesiones Personales, Abogado de Accidentes de carros, Abogado de accidentes de Peatones, practices in Antioch, Berkeley, Concord, Oakland, Hayward, Martinez, Newark, Richmond, San Francisco and San Rafael. El abogado de lesiones y heridos en accidentes de autos, is licensed only in California. This information is good only in California and it is not to be taken as legal advice on car accidents, personal injury, divorce, bankruptcy or in any other type of situation. Esta respuesta es del Abogado de Accidentes de Autos, Abogado de Lesiones Personales, Abogado de Heridos en Accidentes de carros, Manuel A. Juárez, 510-206-4492. Abogado Hispano de Accidentes, Abogado de Divorcios, Abogado Latino de Accidentes, Abogado de Accidentes de Oakland, Hayward, San Francisco, California. Estas respuesta son solo para información general y no consisten en consejo legal sobre divorcios, mantención de esposas, mantención de hijos o bancarrotas. Las respuestas son comentarios legales que no forman una relación de abogado y cliente. Manuel Juarez, Esq., esta licenciado solo en el Estado de California.

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Posted

Generally, money received in compensation for personal injury and wrongful death is not taxable. However, the devil is in the details. Talk to the lawyer who handled the case and your CPA.

http://www.atlantainjurylawyer.com/attorney-lawyer-1008563.html

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