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Tax Question

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


  1. DTD2

    DTD2
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    vote or die

    Joined:
    Mar 11, 2005
    72
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    Location:
    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
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    Millennium Member

    Joined:
    Dec 21, 1999
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    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
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    Millennium Member

    Joined:
    Dec 21, 1999
    913
    19
    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.