BP OIL SPILL

[Trigga]

Hello i have been googleing this question but can not find a awnser im looking for ...hopeing someone here will know . I did get money for lost wages which i did pay taxes on from BP ...but do i need to pay taxes for the 5k they offerd for a quick pay ..its paid when you agree not to sue/claim from them anymore.

[p-]

Most likely.  They will probably issue you a 1099 for the amount, but you should talk to your tax advisor to be sure.  To be honest, we know a lot more about credit here than taxes, but I can guarantee the feds are the last people you want to owe.

[Trigga]

Thanks for the response , ya im sure ill have to was just seeing if anyone here may have known i do my own taxes last few years and i just wasnt sure .. 

[veracious]

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@Trigga wrote:

Thanks for the response , ya im sure ill have to was just seeing if anyone here may have known i do my own taxes last few years and i just wasnt sure .. 

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Hi, trigga. My take on this would be to first, take into consideration the info found here .http://www.buzzle.com/articles/are-lawsuit-settlements-taxable.htm

Then; If I were you I would do further research on the BP Oil Spill specifically.

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 eta:  From my experience, the compensatory damages are taxable because it assumes loss of wages. It happened to me.

In your situation with the  BP Oil  Spill may be unique in some way, by that I mean, you were offered an additional settlement

so as not to pursue a class action or other lawsuit.

DISCLAIMER:  I'm not an attorney so the above statement is my opinion only.

Good Luck!

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