Tag Archives: taxes

DuPage County personal injury attorneysAt the conclusion of a successful personal injury lawsuit, the injured person collects financial damages as well as attorney’s fees and costs. As the money is changing hands, however, you may need to consider the tax consequences of the judgment or settlement. Depending on the types of damages received and on the type of case, you may have to pay taxes on all or part of the damages you receive in a personal injury case.

Physical Harm

Generally, personal injury damages are not taxable if they are related to a physical injury or physical illness. This rule applies regardless of whether the damages are received as a judgment after the completion of a trial, a settlement payment without filing suit at all, or anything in between. With some exceptions, such compensation is not included in gross income for tax purposes. However, if the injured person deducted medical expenses on a past tax return, then he or she must pay taxes on that amount that is recovered in a personal injury suit.

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Do you want to claim the dependency exemption for your child on your income tax return?

You really want IRS form 8332.

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LucyAt Shanghai’s Zhabei District marriage registration center, officials divorced a record of 53 couples in one day, about one every five minutes, as couples rushed to divorce to avoid tougher tax laws on home sales.

There were similar scenes also in Wuhan, Nanjing and Ningbo as couples opted for uncontested divorces, which would allow them to split their properties without having to pay capital gains tax up to 20 percent.

Recently, Beijing stated that it wanted local governments to be tougher in implementing rules to curb property speculation, taxes on gains from selling second homes have been in place for almost two decades, but have never been strictly enforced. Chinese tend to keep much of their wealth in real estate, with few other investment options, and home prices in the biggest cities have risen for nine straight months.

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