This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
dhirenasha
Posts: 57 Joined: Fri Nov 23, 2007 9:31 am
Location: USA
Post
by dhirenasha » Fri May 02, 2008 2:24 pm
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: 18362 Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man
Post
by nelsona » Sun May 11, 2008 9:06 pm
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