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Tax Question

Discussion in 'Business Forum' started by DTD2, Feb 11, 2006.

  1. DTD2

    DTD2 vote or die

    72
    0
    Mar 11, 2005
    S.E. Wisconsin
    I recieved a grievance settlement, in the amount of $4500, from my employer for damage to my personal property while on duty. Do I need to claim this as income? If so what form do I use?

    E-mails and calls to the IRS prove fruitless and H&R block said if they did not send me a 10-99 for it than don't claim it.

    Can anyone provide some insight?

    Thanks in advance,
    D2
     
  2. BEANCOUNTER

    BEANCOUNTER Millennium Member

    936
    45
    Dec 21, 1999
    Based on the $4,500 settlement being for that amount of damage to your property, the settlement isn't income and, therefore, not subject to income tax.
     


  3. BEANCOUNTER

    BEANCOUNTER Millennium Member

    936
    45
    Dec 21, 1999
    Based on the $4,500 settlement being for that amount of damage to your property, the settlement isn't income and, therefore, not subject to income tax.