Tax
Apr. 4, 2023
Wildfire victims wait years for settlements, then face IRS taxes
That grim fact can be an unpleasant surprise to fire victims and seems particularly unfair.
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.
Many PG&E and Edison wildfire victims are finally starting to get legal settlements. For many of them, the road has been long and difficult, so frustration levels can be high. And on top of all the heartache, financial, physical and emotional losses, thinking through the tax consequences can be a bitter pill to swallow. For unfortunately, most legal settlements are taxable, even for a devastating fire loss.
That grim fact can be an unp...
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