Asbestos, Acutane, Vioxx, Paxil Settlement? You may need a Tax Attorney!

In Tax Planning by Daniel Friedel

We have all seen the ads for asbestos exposure and “bad” prescription drugs… “have you or someone you know taken the drug Acutane… if so, you may be entitled to cash compensation… call 1800-bad-drug…” So what are the tax consequences of receiving compensation for your damages? Well, it depends… Some damages and settlement proceeds are tax exempt under IRC § …