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#6
03-09-2006, 02:00 AM
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 Re: Workmans comp judgement - quote - > > What I ment was that a company did not pay me for services
No, he got a judgment saying that a company (which was> > rendered and I was awarded a judgment from the California > > Labor department for 30K. The company will never pay me > > because they are disolved. Can I write this off as lost > > income somehow? > What income was LOST? It sounds like you RECEIVED $30,000 of > income. dissolved) owes him $30,000. There's no income until he gets actual money. He _might_ have an action against the principals of the company; advice from a local attorney would be a good idea. Seth << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#5
03-09-2006, 01:40 AM
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| Re: Workmans comp judgement - quote - > > What I ment was that a company did not pay me for services
If the money he received was a workers compensation award,> > rendered and I was awarded a judgment from the California > > Labor department for 30K. The company will never pay me > > because they are disolved. Can I write this off as lost > > income somehow? > What income was LOST? It sounds like you RECEIVED $30,000 of > income. The fact that it came from the state instead of from > the company is pretty much beside the point. If there is > other money that you did NOT receive, you don't get taxed on > money you do not receive. Since it is not taxed in the first > place, there is nothing to deduct. part of it may have been for personal injuries rather than lost wages. Would that part not be excludable from income? Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
03-08-2006, 05:32 PM
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| Re: Workmans comp judgement "havasubkl" <william.lane[at]ngc.com> wrote: - quote - > What I ment was that a company did not pay me for services
No. Since you never reported it as income, you have nothing> rendered and I was awarded a judgment from the California > Labor department for 30K. The company will never pay me > because they are disolved. Can I write this off as lost > income somehow? to deduct it from. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
03-08-2006, 05:13 PM
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| Re: Workmans comp judgement - quote - > What I ment was that a company did not pay me for services
Only to the extent that you reported it as taxable income> rendered and I was awarded a judgment from the California > Labor department for 30K. The company will never pay me > because they are disolved. Can I write this off as lost > income somehow? (and paid tax on it) in a prior year. Seth << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
03-08-2006, 04:54 PM
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| Re: Workmans comp judgement - quote - > What I ment was that a company did not pay me for services
What income was LOST? It sounds like you RECEIVED $30,000 of> rendered and I was awarded a judgment from the California > Labor department for 30K. The company will never pay me > because they are disolved. Can I write this off as lost > income somehow? income. The fact that it came from the state instead of from the company is pretty much beside the point. If there is other money that you did NOT receive, you don't get taxed on money you do not receive. Since it is not taxed in the first place, there is nothing to deduct. Bob Sandler << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
03-08-2006, 03:03 AM
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| Re: Workmans comp judgement Phil Marti wrote: - quote - > "havasubkl" <william.lane[at]ngc.com> wrote:
Sorry,> > I recieved a judgment in a workmans comp case in the state > > of California. The judgement is for nearly 30,000. Can I > > deduct all or part of this as a loss? > I'm having trouble figuring out what you want to deduct it > from. Perhaps it will satisfy you that workers' comp is > specifically Federal tax-exempt. See IRS Publication 525. What I ment was that a company did not pay me for services rendered and I was awarded a judgment from the California Labor department for 30K. The company will never pay me because they are disolved. Can I write this off as lost income somehow? Thanks, << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-02-2006, 05:54 AM
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| Re: Workmans comp judgement "havasubkl" <william.lane[at]ngc.com> wrote: - quote - > I recieved a judgment in a workmans comp case in the state
I'm having trouble figuring out what you want to deduct it> of California. The judgement is for nearly 30,000. Can I > deduct all or part of this as a loss? from. Perhaps it will satisfy you that workers' comp is specifically Federal tax-exempt. See IRS Publication 525. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-01-2006, 07:37 AM
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| Workmans comp judgement I recieved a judgment in a workmans comp case in the state of California. The judgement is for nearly 30,000. Can I deduct all or part of this as a loss? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| comp, judgement, workmans |
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