- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Settlement payments of personal (non-business) lawsuits are not deductible. The defendant must issue a 1099 to the plaintiff if the settlement is taxable. (Ask your attorney if the settlement is taxable.) If the defendant had liability insurance coverage, the insurer sometimes takes care of the 1099.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
May 31, 2019
6:39 PM