Tax
May 19, 2022
Tax fire victims? Unless the law is changed, yes
How fire victims are taxed depends on their circumstances, what they ultimately collect, and what they claim on their taxes.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims, and seems particularly unfair. There are federal and California tax bills pending that if passed, could make certain fire lawsuit recoveries nontaxable. It is not clear how either one of these bills will fare, but the reality is that large numbers of tax bills are introduced that never pass. In that sense, the statistics alone do not bod...
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