Legal Question in Tax Law in Maryland

Lawsuit Monetary award Taxable?

I want to know if the proceeds from a lawsuit brought for injuries or death are taxable by the federal or Maryland state government?


Asked on 7/30/04, 6:25 pm

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Lawsuit Monetary award Taxable?

An open ended question... depending on the type of award and who obtained it there may be tax reporting requirements. Whether tax is owed depends on matters such as back pay, money owed for compensation of wages, compensatory, special, or punitive damages. An attorney or certified tax accountant could assist you with this matter pertaining to your lawsuit recovery.

Read more
Answered on 7/30/04, 7:22 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in Maryland