Loading ...
Sorry, an error occurred while loading the content.

Taxable Income

Expand Messages
  • josea3
    On the 21st of this month I submitted an interrogutory to this group requesting whether or not monies recieved from awards of the courts are considered taxable
    Message 1 of 10 , Feb 27, 2005
    • 0 Attachment
      On the 21st of this month I submitted an interrogutory to this group
      requesting whether or not monies recieved from awards of the courts
      are considered taxable income. No one responded.
    • John Wilde
      Your statement was incomplete. It depends upon the nature of the award. g day John Wilde
      Message 2 of 10 , Feb 27, 2005
      • 0 Attachment
        Your statement was incomplete. It depends upon the nature of the award.

        g'day
        John Wilde

        josea3 wrote:

        >
        >On the 21st of this month I submitted an interrogutory to this group
        >requesting whether or not monies recieved from awards of the courts
        >are considered taxable income. No one responded.
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >Yahoo! Groups Links
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
      • DMiner
        I responded and stated that the IRS considers everything that comes in as taxable income. On the other hand, I did not state, and should have, that the tax
        Message 3 of 10 , Feb 27, 2005
        • 0 Attachment
          I responded and stated that the IRS considers everything that comes in as
          taxable income. On the other hand, I did not state, and should have, that
          the tax laws and regs disagree and would suggest that your winnings are not
          taxable income.

          Dave Miner
          www.IRx-Solutions.com


          On the 21st of this month I submitted an interrogutory to this group
          requesting whether or not monies recieved from awards of the courts are
          considered taxable income. No one responded.
        • gary
          This is from the irs web site. Gary Court awards and damages. To determine if settlement amounts you receive by compromise or judgment must be included in
          Message 4 of 10 , Feb 27, 2005
          • 0 Attachment
            This is from the irs web site.
            Gary
             
             
            Court awards and damages.   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. Include the following as ordinary income.
            1. Interest on any award.

            2. Compensation for lost wages or lost profits in most cases.

            3. Punitive damages. It does not matter if they relate to a physical injury or physical sickness.

            4. Amounts received in settlement of pension rights (if you did not contribute to the plan).

            5. Damages for:

              1. Patent or copyright infringement,

              2. Breach of contract, or

              3. Interference with business operations.

            6. Back pay and damages for emotional distress received to satisfy a claim under Title VII of the Civil Rights Act of 1964.

            7. Attorney fees and costs where the underlying recovery is included in gross income.

               Do not include in your income compensatory damages for personal physical injury or physical sickness (whether received in a lump sum or installments).

            Emotional distress.   Emotional distress itself is not a physical injury or physical sickness, but damages you receive for emotional distress due to a physical injury or sickness are treated as received for the physical injury or sickness. Do not include them in your income.

              If the emotional distress is due to a personal injury that is not due to a physical injury or sickness (for example, unlawful discrimination or injury to reputation), you must include the damages in your income, except for any damages you receive for medical care due to that emotional distress. Emotional distress includes physical symptoms that result from emotional distress, such as headaches, insomnia, and stomach disorders.

            Deduction for costs involved in unlawful discrimination suits.   Beginning after October 22, 2004, you may be able to deduct attorney fees and court costs paid to recover a judgement or settlement for a claim of unlawful discrimination under various provisions of federal, state, and local law listed in Internal Revenue Code section 62(e), a claim against the United States government, or a claim under section 1862(b)(3)(A) of the Social Security Act. You can claim this deduction as an adjustment to income on Form 1040, line 35. The following rules apply.
            • The attorney fees and court costs may be paid by you or on your behalf in connection with the claim for unlawful discrimination, the claim against the United States government, or the claim under section 1862(b)(3)(A) of the Social Security Act.

            • The deduction you are claiming cannot be more than the amount of the judgement or settlement you are including in income for the tax year.

            • You must pay the attorney fees and costs after October 22, 2004.

            • The judgement or settlement to which your attorney fees and court costs apply must occur after October 22, 2004.

            Pre-existing agreement.   If you receive damages under a written binding agreement, court decree, or mediation award that was in effect (or issued on or before) September 13, 1995, do not include in income any of those damages received on account of personal injuries or sickness.
            ----- Original Message -----
            From: josea3
            Sent: Sunday, February 27, 2005 9:13 AM
            Subject: [tips_and_tricks] Taxable Income



            On the 21st of this month I submitted an interrogutory to this group
            requesting whether or not monies recieved from awards of the courts
            are considered taxable income. No one responded.

          • Gary Cummings
            If you are the kind who voluntarily declares his income to be taxable, then it would depend on what the award was for and how much it was for. It used to be
            Message 5 of 10 , Feb 27, 2005
            • 0 Attachment
              If you are the kind who voluntarily declares his income to be taxable, then it would depend on what the award was for and how much it was for. It used to be that most monetary awards were non-taxable (even for you generous, I-pay-my-taxes types) but the law has changed in recent years. Now, certain awards are taxable over a certain amount. At least as far as the IRS is concerned. I'm not an attorney, but if you are a tax-filer, I suggest you consult one.

              josea3 <tina1@...> wrote:


              On the 21st of this month I submitted an interrogutory to this group
              requesting whether or not monies recieved from awards of the courts
              are considered taxable income. No one responded.








              Do you Yahoo!?
              Yahoo! Mail - You care about security. So do we.
            • Dessie Andrews
              The answer is no ... From: josea3 [mailto:tina1@artelco.com] Sent: Sunday, February 27, 2005 8:14 AM To: tips_and_tricks@yahoogroups.com Subject:
              Message 6 of 10 , Mar 1, 2005
              • 0 Attachment
                The answer is no

                -----Original Message-----
                From: josea3 [mailto:tina1@...]
                Sent: Sunday, February 27, 2005 8:14 AM
                To: tips_and_tricks@yahoogroups.com
                Subject: [tips_and_tricks] Taxable Income




                On the 21st of this month I submitted an interrogutory to this group
                requesting whether or not monies recieved from awards of the courts
                are considered taxable income. No one responded.










                Yahoo! Groups Links
              • Bob law
                Dessie, You are presuming facts not in evidence...you should know better. Respectfully, Bob L. ... wrote: The answer is no ... ..... I submitted an ...
                Message 7 of 10 , Mar 1, 2005
                • 0 Attachment
                  Dessie,
                  You are presuming facts not in evidence...you should
                  know better.
                  Respectfully,
                  Bob L.



                  --- Dessie Andrews <dessieandrews@...>
                  wrote:
                  The answer is no
                  >
                  > -----Original Message-----
                  > From: josea3 [mailto:tina1@...]
                  > Subject: [tips_and_tricks] Taxable Income
                  "..... I submitted an
                  > interrogutory to this group
                  > requesting whether or not monies recieved from
                  > awards of the courts
                  > are considered taxable income. No one responded.




                  __________________________________
                  Do you Yahoo!?
                  Yahoo! Mail - now with 250MB free storage. Learn more.
                  http://info.mail.yahoo.com/mail_250
                • Dessie Andrews
                  Why? I know awards from court judgments are not taxable. Is that not a no? ... From: Bob law [mailto:saveyourpay@yahoo.com] Sent: Tuesday, March 01, 2005
                  Message 8 of 10 , Mar 1, 2005
                  • 0 Attachment
                    Why? I know awards from court judgments are not taxable. Is that not a no?

                    -----Original Message-----
                    From: Bob law [mailto:saveyourpay@...]
                    Sent: Tuesday, March 01, 2005 12:17 PM
                    To: tips_and_tricks@yahoogroups.com
                    Subject: RE: [tips_and_tricks] Taxable Income



                    Dessie,
                    You are presuming facts not in evidence...you should
                    know better.
                    Respectfully,
                    Bob L.



                    --- Dessie Andrews <dessieandrews@...>
                    wrote:
                    The answer is no
                    >
                    > -----Original Message-----
                    > From: josea3 [mailto:tina1@...]
                    > Subject: [tips_and_tricks] Taxable Income
                    "..... I submitted an
                    > interrogutory to this group
                    > requesting whether or not monies recieved from
                    > awards of the courts
                    > are considered taxable income. No one responded.




                    __________________________________
                    Do you Yahoo!?
                    Yahoo! Mail - now with 250MB free storage. Learn more.
                    http://info.mail.yahoo.com/mail_250







                    Yahoo! Groups Links
                  • DMiner
                    The source of the income is not the issue, unless the source is one on the list of revenue-taxable activities in which an individual American can be
                    Message 9 of 10 , Mar 1, 2005
                    • 0 Attachment
                      The source of the "income" is not the issue, unless the source is one on the
                      list of revenue-taxable activities in which an individual American can be
                      involved. The IRS has you and EVERY other American who has ever filed a
                      Form 1040 listed as being involved in one of its taxable activities.

                      The most common that I have seen are:
                      - underground coal miner
                      - manufacturing bus and truck chasses
                      - manufacturing rifles or pistols or bullets
                      - importing rifles or pistols or bullets
                      - importing illegal drugs
                      - importing distilled spirits
                      - distilling or brewing beer, wine or distilled spirits

                      There are, of course, many other activities which the IRS may have
                      "assigned" to you, but these are the most common that I have seen after
                      reviewing hundreds if IRS master files on Americans.

                      The IRS has one of my clients listed as an underground coal miner. She
                      lives in Sanford, FL, just north of Orlando. In her area the water table is
                      about 18 inches below the sand. So if you are an underground coal miner in
                      Sanford, you have to be a scuba diver. But facts never stopped the IRS from
                      its collection activities...

                      If the IRS has you listed as being involved in one of its taxable
                      activities, then every dime you make is subject to income taxes in its eyes.
                      If the IRS DOES NOT have you listed as being involved in one of these
                      taxable activities, then NOTHING you make is subject to income taxes.

                      It is just that simple.

                      Yours in financial freedom,

                      Dave Miner
                      www.IRx-Solutions.com



                      -----Original Message-----
                      From: Dessie Andrews [mailto:dessieandrews@...]
                      Sent: Tuesday, March 01, 2005 4:51 PM
                      To: tips_and_tricks@yahoogroups.com
                      Subject: RE: [tips_and_tricks] Taxable Income



                      Why? I know awards from court judgments are not taxable. Is that not a no?

                      -----Original Message-----
                      From: Bob law [mailto:saveyourpay@...]
                      Sent: Tuesday, March 01, 2005 12:17 PM
                      To: tips_and_tricks@yahoogroups.com
                      Subject: RE: [tips_and_tricks] Taxable Income



                      Dessie,
                      You are presuming facts not in evidence...you should
                      know better.
                      Respectfully,
                      Bob L.

                      ---
                      Outgoing mail is certified Virus Free.
                      Checked by AVG anti-virus system (http://www.grisoft.com).
                      Version: 6.0.788 / Virus Database: 533 - Release Date: 11/1/2004
                    • tthor.geo
                      Aaaaw Dessie, come on, now.... What State? Which court; state or Federal? civil? criminal? What kind of award? compensatory? punitive? What amount of award?
                      Message 10 of 10 , Mar 1, 2005
                      • 0 Attachment
                        Aaaaw Dessie, come on, now....

                        What State?
                        Which court; state or Federal? civil? criminal?
                        What kind of award? compensatory? punitive?
                        What amount of award?
                        "Taxable income" to whom?
                        Taxable income" by whom? state? Feds? municipality?
                        What's "taxable income"?

                        And that's just the minimum questions to be able to begin to answer
                        the question intelligently....

                        "Dessie Andrews" <dessieandrews@e...> wrote:
                        >
                        > Why? I know awards from court judgments are not taxable. Is that
                        not a no?
                        >
                        > -----Original Message-----
                        > From: Bob law [mailto:saveyourpay@y...]

                        > Dessie,
                        > You are presuming facts not in evidence...you should
                        > know better.
                        > Respectfully,
                        > Bob L.
                        >
                        > --- Dessie Andrews <dessieandrews@e...>
                        > wrote:
                        > The answer is no
                        > >
                        > > -----Original Message-----
                        > > From: josea3 [mailto:tina1@a...]

                        > "..... I submitted an
                        > > interrogutory to this group
                        > > requesting whether or not monies received from
                        > > awards of the courts
                        > > are considered taxable income. No one responded.
                      Your message has been successfully submitted and would be delivered to recipients shortly.