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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41220
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I am a victum of fraud and working with English courts to obtain

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I am a victum of fraud and working with English courts to obtain restitution. When I receive the restitution from the UK court, will I need to claim this on my US income tax return? Is there any specific type of documentation I should be asking the UK court for, to satisfy my tax reporting needs here in the US? I may be obtaining restitution in the form of gold which I would then need to sell, once received, here in the US.
Thank you for your question.

Restitution for the most part is treated as taxable income by the IRS. The only thing you need to obtain is a court order from the UK courts, and then follow the IRS guidelines (look to Publication 525 below) to properly claim your award as some of your award might not be taxable. so long as you have the court award and the description of what you received is your restitution, it is sufficient for US purposes.

http://www.irs.gov/publications/p525/ar02.html

Good luck.
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