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Texas exonerees fight income taxes on compensation

http://www.dallasnews.com

Man exonerated after 12 years of wrongful imprisonment. Received $600k in compensation from the state of Texas. The IRS originally told him that the money should be treated as if it were an insurance settlement for "pain and suffering". Now the IRS is coming after him for back taxes saying the money should be treated as "lost wages".

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akaPoorRichard's picture
Created by akaPoorRichard 4 years 8 weeks ago – Made popular 4 years 8 weeks ago
Category: Taxes, Fees & Fines   Tags:

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