From: Texas

Dear TaxMama,

Are proceeds, although small, from class action asbestos lawsuits taxable? 

My husband has been diagnosed with bad lung symptoms.

Sylvia

 

 

Dear Sylvia,

How horrible for you both!

You better believe Bill's judgement for the asbestos suit is not taxable. That is payment for tangible, physical symptoms.

I hope it helps, and pray there's some way to reduce the effect on his lungs.

Best wishes,

Eva Rosenberg, MBA, EA