Robert Wood on Not Losing Your Settlement Money to Taxes

0:00 Intro
2:18 Taxation on lawsuit settlements
5:58 Strategies for handling taxation on legal settlements
6:40 Common mistakes and considerations in legal documentation for tax purposes
7:22 The future of litigation and tax law in the context of COVID-19 adjustments
14:18 Attorney fees
17:25 Importance of understanding tax law in legal settlements
21:03 Common mistakes
22:30 The role of documentation in tax treatment of settlements
24:47 The impact of COVID-19 on litigation and court backlogs

[@rodolfoquiroz7819]

The example of wrongful termination Robert gives is exactly what is happening to me at the moment and I've been very concerned on how to file my taxes. I'm very glad to hear that the attorneys fees of 40% can be deducted. I can't imagine paying taxes on money I never saw or touched and someone else is enjoying. Thank you both for this video.

[@RawOlympia]

thnx so much!

[@Adehead]

So employment case here. Glad I can deduct 40% will definitely take it up with lawyers.

[@nyang015]

Ok my settlement was for the camp fire on 2018 and I received a check on 2021 for property damage and I had read that property does gets tax however I their was a bill AB1249 that was issue which exempts settlement from being tax does this men I can exclude the settlement amount when filing tax?

[@imay3990]

So in an extreme case, the plaintiff would pay taxes on the full million and the attorney would also declare income and pay taxes on the 400k ?? Isn’t that double dipping ?

[@Hubcitybg]

Right makes sense to me.

[@ebonyqueen86]

Exactly, why are taxes being paid on an amount twice?? Uncle sam is something else!

[@sniper161718]

Defund the IRS

[@craigoutdoors30]

I was hurt in a car accident ally. If they gave me a settlement that included money above and beyond my bills for physical therapy and all my medical things, will I be taxed on that? How does it need to be structured so I'm not?

[@craigoutdoors30]

@@niceshot7289 thanks!

[@sniper161718]

So its possible to win 1 million dollars and pay your attorney 40% which knocks you down ton$600,000. But youre taxes on the million which is probably 38%. So, out of a 1 million dollar win I walk home with $220,000?!?!?! WTF

[@amandadilbeck8572]

What is the contact information for him?