02-11-2009, 08:11 PM
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 Re: Are wrongful death awards in State of Florida taxable? Brew1 wrote: - quote - > According to the IRS, "punitive damages are not taxable if they are http://www.floridamalpractice.com/stat768.16etseq.htm> awarded in a wrongful death lawsuit paid under a state law that > requires only punitive damages may be awarded in a wrongful death > suit." [IRS 104(a)(2) and 1.104-1c] > Anyone know if Florida is such a state? Or can anyone point me > towards a potential resource? -- << ------------------------------------------------------- > << 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
02-11-2009, 07:51 PM
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| Are wrongful death awards in State of Florida taxable? According to the IRS, "punitive damages are not taxable if they are awarded in a wrongful death lawsuit paid under a state law that requires only punitive damages may be awarded in a wrongful death suit." [IRS 104(a)(2) and 1.104-1c] Anyone know if Florida is such a state? Or can anyone point me towards a potential resource? -- << ------------------------------------------------------- > << 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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