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On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?

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12y ago

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Can a business use workmens comp for a tax deduction?

The workman's compensation is not obligated to the federal or state tax deductions. The business can use the workman's comp given out as a tax deduction and the individual can only attempt a tax deduction if payment has been held for an extended period of time.


Can i Deduct my car accident settlement?

Perhaps you did not phrase the question the way you meant to? If you received a settlement, I am baffled as to why you would think that money you received is tax-deductible. If you still have some expenses that were not covered by the settlement, you may be able to claim a casualty loss deduction or a medical expense deduction. If you paid out a settlement, it would only be deductible if it were a business expense.


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The standard deduction for a child on your tax return is 1,100 for the 2021 tax year.


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