I received a settlement from the manufacturer of $76,000.
They bought back my car for full purchase price , $23,689 and had to surrender the car to them. $5000 was for damages, 45% went to attorney, the rest was a settlement.
The car was tagged a lemon when I surrendered it.
Is the amount for the buy back exempt from taxes? I believe it is.
Is the attorney fee deductible?
What part and what percentage of the settlement do I have to pay??
The attorney’s fees are not tax deductible in this situation. Not sure about the award of damages.
Watch your mail. You will probably get a 1099-misc from the car company for the full $76,000. Should have looked at this before you settled.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline