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#26
11-18-2021, 06:48 AM
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Quote:
And actually he was lucky. Normally when someone wins a case or gets a settlement that the attorneys also take a portion of, you actually have to claim the gross amount of the settlement as income, and then try to deduct the attorney fees as a miscellaneous itemized deduction, subject to some limitations. At least you used to be able to till they did away with miscellaneous itemized deductions with the 2018 tax law changes under Trump. Luckily for this taxpayer there is a special revenue ruling in effect specifically for whistleblowers that lets them only have to pick up and pay tax on the net amount they got after taking out attorney fees. Saved him around $200K-$300K or so if memory serves. Last edited by BobC; 11-18-2021 at 06:51 AM. 
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