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Do we have to pay taxes on settlements?

Hello, I was one of the people in the large group of Bridgeport victims that recently settled. Please dont take offense to my question as it involves money.I was just wondering how you folks who have...

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Re: Do we have to pay taxes on settlements?

I forgot to mention that the tax professionals, attorneys, etc. that I've spoken to are understandably clueless, and charge obscene amounts of money to research it.

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Re: Do we have to pay taxes on settlements?

My financial planner here in CA has told me not worry.That proceeds from insurance settlements are non taxable.

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Re: Do we have to pay taxes on settlements?

BlueBoy and MadSnapper,I don't know if this helps, but my husband and I just received a substantial settlement from a stock fraud case (our money -- ALL of it -- had been stolen by a dishonest...

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Re: Do we have to pay taxes on settlements?

Hi madsnapper. I'm in California too! San Francisco to be exact. Yes I realize that a good deal of Californians don't consider SF to be part of California these last couple of weeks, but that's a...

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Re: Do we have to pay taxes on settlements?

Forgot to mention that while I live in California now, the abuse occured when I was a child living in Connecticut, and my family belonged to a parish within the Bridgeport Diocese.

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Re: Do we have to pay taxes on settlements?

Hi Mary. Yes very good point. What you mentioned is the crux of the issue. In the Boston Globe article www.boston.com/globe/spot..._suits.htmdescribes this very thing: determining whether or not...

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Re: Do we have to pay taxes on settlements?

VeryBlueBoy,You said you are concerned that the IRS might come after you in 10 years and charge you a hefty fine if you don't pay tax on the settlement. You might want to check into exactly how far...

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Re: Do we have to pay taxes on settlements?

in truth they can go back as ar as they want if they get a hardon for you just ask Joe Louis or Wilie Nelson.what they are supposed to go back is 7 years as long as you have filed your taxes filing is...

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Re: Do we have to pay taxes on settlements?

Dear Vblue,check your inbox. I emailed you some info that you might find useful.

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Re: Do we have to pay taxes on settlements?

hello 1madsnapper I sent you a private message about this topic.don't know if you got it .will keep checking. thankspeaceto all

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