Is money awarded to me in a mesothelioma lawsuit taxable?
Jun 20, 2010 in
Mesothelioma FAQs
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!
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One comment
bostonianinmo on June 20, 2010 at 4:22 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.