Tax,
Real Estate/Development
Oct. 9, 2023
Even landlord tenant settlements have tax issues
How could you be taxed on a legal settlement, especially on the whole 100%, when your lawyer takes 40% off the top? If that sounds impossible, welcome to the arcane tax world of settlements and judgments.
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.
Commercial disputes between landlord and tenant involve tax issues, and so do their legal settlements. However, these disputes are less likely to involve tax surprises. After all, commercial tenants and their landlords are both likely to have tax lawyers or accountants looking after them. Besides, commercial tenants and commercial landlords are used to profits being taxed, and to business expenses being deductible.
Some expenses need to b...
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