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Discussion:Accident Settlement Beneficiary Of?

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Discussion Forum Index --> Basic Tax Questions --> Accident Settlement Beneficiary Of?


Discussion Forum Index --> Tax Questions --> Accident Settlement Beneficiary Of?

Ddoshan (talk|edits) said:

27 March 2012
Clients son received a very large personal injury settlement. He received 3-4K a month for life. Son passed away and as beneficiary the mom is to receive 25K every 10 years from the settlement fund and if she should pass away her beneficiaries will receive money. I assume whatever is left. In 2011 she, the mom, received her first 25K payment.

The sons money would have been non taxable and would I be correct to assume that the money now received by the mom would retain the same character as IRD and also be non-taxable? She just was sent a check. No other tax document was issued as far as I know.

Ckenefick (talk|edits) said:

27 March 2012
Spell Czech can chime in with his "on account of" 104 language.

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