Tag Archives: Lawsuit

Collecting a Debt

Today TaxMama® hears from Joe in the TaxQuips Forum, with a reasonable question.  “I am going after an ex client that owes me $11K. Once you get the judgment how do you go after their assets? Does a lawyer handle that?”

Moldy Class Action Lawsuit

Today TaxMama® hears from Craig in the TaxQuips Forum with this question. “In 2012 we received two class action settlements – one for our primary residence [~$3500]; and one for our rental [~$2700], both in the same development. These were for mold/painting deficiencies. The question is: are they taxable or non-taxable?

Class Action Settlement

Today TaxMama® hears from Michael with this earth-shattering question. “I received a small class action settlement ($3.50) from a class action against Classmates.com . Is this settlement taxable for IRS purposes?”  

Emotional Distress

  Today TaxMama hears from Teddy in the TaxQuips Forum with this question. “What is the tax rate on a settlement that is classified as emotional distress?”  

Divorce and Residence

Today TaxMama hears from Joan in California, with this issue. “I owned a house with my ex. We bought it together in 1985; but I left and he stayed. Through a lengthy lawsuit costing me $25,000 the house was sold and I received $40,000. Once I left I never paid mortgage or upkeep. What is […]