Quote:
Originally Posted by I-Hate-Hulse
Sorry I should clarify this
- typically your settlement is considered employment income for tax purposes
- legal fees spent to collect the settlement are deductible against employment income
This is of course the vanilla straightforward situation - consult some real tax experts as there are some exceptions to this depending on your circumstances.
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This is good advice, I've gone through this with numerous clients and....'it depends.'
Nature of allegations, nature and classification of settlement, etc.
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