Get Answers About Tax Settlement

What is the percentage of fedreral tax on money from a legal settlement?

What is the fedreral percentage rate on legal settlements? This was a racial profiling lawsuit filed, but settled out of court.

Answered 8/3/2011 | Answer This | 3 Answers | See Question

Can i claim on my tax payments made in dicorce settlement

Wife is asking for back payments from my military retirement, if i have to make this payment can i claim it on my taxies?

Asked 8/6/2010 | Answer This | 0 Answers | See Question

Are the monies i paid as a result of legal settlement tax deductible?

I paid over $15,000 in a legal settlement last year. Since that money will be subject to federal tax by the recipient, it seems reasonable that I would not be required to pay tax on these monies. I am not sure...

Answered 2/12/2007 | View Answer | See Question

Can i reduce a tax settlement through reducing cash on hand?

I have not filed my taxes for the past couple of years and owe around $50K. I have about $60K in cash. If I use my cash to pay down my mortgage will this make the IRS more likely to settle for a a lower tax payment? The...

Answered 10/25/2006 | View Answer | See Question

Is there any way to resettle a tax settlement?

Long story short, my mom owed about 3000$ to the IRS, and they started to garnish 100$ a week from her check. She worked out a settlement (herself) for 25$ a week. Rather than making 4 times the payments (120)...

Answered 6/10/2009 | View Answer | See Question

Has anyone ever used one of those tax settlement programs?

You know, like the ones you see on TV, claiming they had a huge tax debt with the IRS and the company settled it for much less? How does that work?

Answered 9/15/2009 | View Answer | See Question

How do tax settlement companies work?

If you can really settle the amount you owe the IRS for only pennies on the dollar as some of these companies advertise, why aren't we all taking advantage this??

Answered 5/3/2009 | View Answer | See Question

Tax liability for settlement from stolen real estate property?

I have a plot of vacant land that was falsely sold as a result of identity theft. The title company is going to offer a cash settlement. At what rate will the cash I receive be taxed? Does it count as earned income?...

Answered 4/22/2008 | View Answer | See Question

Do i pay inheritance tax on a court settlement for the wrongful death of a child?

I'm a U.S. citizen living and working in Canada (therefore no U.S. income). I'll be getting a settlement for the wrongful death of our newborne child in 2002. I am apparently going to have to complete an...

Answered 1/15/2008 | View Answer | See Question

For a new home purchase, what settlement costs are tax deductible?

Turbo tax tells me most settlement costs are not deductible. So... which ones are?

Answered 3/26/2006 | View Answer | See Question