Settlememt money

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dhirenasha
Posts: 57
Joined: Fri Nov 23, 2007 9:31 am
Location: USA

Settlememt money

Post by dhirenasha »

I got a settlement from a car delaer in 2007 for amount of around $2000 to settle some issues. We signed the release papers and everything.

Do I need to add this money and apay tax on it? If yes,do I pay everything i.e Federal, medicare, state etc or just Federal.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

This is not taxable income in any jurisdiction, unless you worked for that dealer in some capacity.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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