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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hi, I am preparing our 2008 return and am unsure whether a

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Hi, I am preparing our 2008 return and am unsure whether a court sanction of $9,718.52 my attorney received for me is taxable. I have not received a 1099. The money came from a joint account of my father and me. My uncle is POA for my dad. I have out of pocket expenses of about $80,000 an understand this is not deductible.
Hello Buster,

Could you please provide a little more specific information.

You say this money came from a joint account you hold with your father.

Why was it necessary to go to court to get this money?
Customer: replied 7 years ago.
Thanks, My uncle who is Power of Attorney for my dad did not supply all of the necessary financial documents during the discovery portion of the trial. My attorney then aaked th court for repayment.

Hello again Buster,

If the money you received came from an account where you were listed as an equitable owner, then this is not taxable income to you and does not need to be reported on your income tax return.

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Thank you.
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