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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Are federal income tax due on damages received from State for

Customer Question

Are federal income tax due on damages received from State for wrongful judicial interference with business?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
If you received a settlement for lost business income - that settlement is reported as gross business income.To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces.If compensation is to replace lost business income - it is reported as business income.If compensation includes interest on damages - that interest is reported as interest income, etc.
Expert:  Lev replied 1 year ago.
If you received a settlement for lost business income - that settlement is reported as gross business income.To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces.If compensation is to replace lost business income - it is reported as business income.If compensation includes interest on damages - that interest is reported as interest income, etc.
Customer: replied 1 year ago.

I BELIEVE THAT THIS MATTER IS TOO COMPLEX FOR THIS MEDIUM.

MAYBE SOME OTHER TIME. WILL I BE CHARGED $32 FOR THIS INQUIRY ?

Expert:  Lev replied 1 year ago.
Please be aware that experts do not have access to your account.All issues about charges you need directly ask customer service. I woudl be glad to address tax related issues. If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.
Expert:  Lev replied 1 year ago.
If you are looking for customer service contacts - see here http://ww2.justanswer.com/help
Expert:  Lev replied 1 year ago.
I appreciate if you take a moment to rate my answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.

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