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To: minnesota_bound
With $1 million the boys will find many girls are more interested in them.

I wonder how much of that the lawyers will be paid, and how much of the remaining will be taxed.

6 posted on 05/08/2024 7:57:00 PM PDT by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
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To: CatOwner

“I wonder how much of that the lawyers will be paid, and how much of the remaining will be taxed.”

Standard contingency is 1/3 (though it can vary, or need not be a contingency at all). So they’d get $667k. Caveat that I’m not an accountant, but generally court judgments aren’t taxable unless they are for something that would have otherwise been taxable. For instance, a judgment for unpaid wages is taxable, but a judgment for personal injury isn’t. This sounds like it falls into the not taxable category.


29 posted on 05/09/2024 11:03:21 AM PDT by CraigEsq (,)
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