US EditionDo you need to pay taxes when you win a settlement or lawsuit award? - DWC CPAs and Advisors
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Do you need to pay taxes when you win a settlement or lawsuit award? - DWC CPAs and Advisors
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises. Taxable vs. Nontaxable Awards Not all lawsuit settlements or awards are treated the same under federal tax law. Generally, the IRS breaks them into…
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