I was wondering if you live in some sort of rent regulated building and you are getting a lawsuit that is way under 20k would this mean you have to move because you have a higher income? Also, if you countersuit a landlord and win $$ and your income is now different does that mean you have to move? I know it is an increase of income but it seems like its odvious once bills are paid etc it wont be a monthly income coming in but I need to make sure. Thanks
Need to determine whether the income you report is your taxable income and whether the money you receive from the lawsuit is taxable. Normally, money recovered from an accident lawsuit is not taxable income.