Is money awarded to me in a mesothelioma lawsuit taxable?
Filed in Mesothelioma Info on Sep.06, 2009
lilygirl2727 asked:
If I am awarded money, I am not sure if I have to give the government half of it or not.
Any help would be greatly appreciated!
If I am awarded money, I am not sure if I have to give the government half of it or not.
Any help would be greatly appreciated!
Tags: Mesothelioma Lawsuit, Money

July 12th, 2009 at 4:45 pm
Awards and settlements due to physical injury and physical illness are tax free.
Any part of the award that is for interest, lost wages, or punitive damages is fully taxable IF those amounts are stated separately.