For starters, if you didn’t know cryptocurrency is taxable, please read this . Since it’s not officially issued by any country, the IRS doesn’t view cryptocurrencies (Bitcoin, Litecoin, etc.) as a currency. Instead, it’s seen...

First off, it’s important to stress that yes, cryptocurrency exchanges are taxable. In fact, the IRS is pretty clear about the topic, and has released several notifications on the taxation of virtual currencies. In short, the federal government...

A cash settlement does potentially contain taxable elements. It’s important to look at how some key factors relate to the finance aspect of your case—especially if you’re looking for tax relief. While it’s not a simple yes or...

There’s a two-part answer here, one from the defense perspective and the other from the plaintiff. On the defense side, punitive damages paid are tax deductible. In regard to legal fees, those are typically considered a business expense and, as...

In a lawsuit settlement, the plaintiff can often be awarded for both compensatory and punitive damages. Punitive damages can be seen as a “punishment” of sorts to the defendant in the lawsuit, as a way for the Courts to assign a dollar amount...

A monetary settlement award resulting from a lawsuit, personal injury or otherwise, does potentially contain taxable elements. It’s not a simple yes or no answer though. Let’s start easy: punitive damages (cash awarded to plaintiff as “punishment”...

A successful personal injury claim resolution often involves a cash settlement award. Regardless of the dollar amount, some of that money may be taxable, depending on how the award is structured. For instance, compensatory damages (resulting injury...