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#1
01-05-2008, 09:52 PM
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 Re: Is this taxable? Arthur Kamlet wrote: - quote - > In article <f4875f6b-32e0-4f3e-b67d-ec75bc3f1129[at]q39g2000hsf.googlegroups.com> ,
And since Illinois "takes off" from AGI, ........> <sbernelli[at]hotmail.com> wrote: > > Suppose a infant dies through hospital neglect and the hospital's > > insurance company makes an out of court settlement to the adult > > siblings. Is the settlement taxable at the federal or state (Illinois) > > levels? Thanks. > I can't speak for Illinois, but it would be a settlement for > personal physical injury or disease, and not taxable for the IRS. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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01-05-2008, 05:36 PM
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| Re: Is this taxable? In article <f4875f6b-32e0-4f3e-b67d-ec75bc3f1129[at]q39g2000hsf.googlegroups.com> , <sbernelli[at]hotmail.com> wrote: - quote - > Suppose a infant dies through hospital neglect and the hospital's > insurance company makes an out of court settlement to the adult > siblings. Is the settlement taxable at the federal or state (Illinois) > levels? Thanks. I can't speak for Illinois, but it would be a settlement for personal physical injury or disease, and not taxable for the IRS. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
01-05-2008, 05:13 PM
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| Is this taxable? x-no-archive: yes Suppose a infant dies through hospital neglect and the hospital's insurance company makes an out of court settlement to the adult siblings. Is the settlement taxable at the federal or state (Illinois) levels? Thanks. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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