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Re: [tips_and_tricks] Re: civil injury

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  • Trophy Wife
    Check 26 U.S.C. Sec. 104 and 105 - damages received as a result of a tort are not taxable, only if you receive punitive damages (to punish tortfeasor). For
    Message 1 of 9 , Feb 23, 2009
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      Check 26 U.S.C. Sec. 104 and 105 - damages received as a result of a tort are not taxable, only if you receive punitive damages (to punish tortfeasor).  For punitive damages, you would have to prove that the tortfeasor (Home Depot) acted willfully and maliciously, which is doubtful.
       
      I like the idea of talking with several attorneys and see what they say about the case, and what the offer was.  Normally, for a civil case, they do not charge for an initial consultation.  Establish this up-front, and get them to take it on a contingency basis.
       
      Joan
       
      ----- Original Message -----
      Sent: Sunday, February 22, 2009 9:57 PM
      Subject: [tips_and_tricks] Re: civil injury

      --- In tips_and_tricks@ yahoogroups. com, "Trophy Wife" <actionhero@ ...>
      wrote:

      >
      > Any damage award you receive are not taxable under federal or state
      law. In short, you may want to "haggle" for more before you sign off
      on it.
      >
      > Hope this helps
      >

      If you are a "taxpayer" as defined in the IRC, some awards are
      taxable. I believe general damages are, but not those for pain and
      suffering. Do your research first before assuming.

      Diggerflyer

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