Robert W. Wood

Damages for physical injuries or physical sickness are exempt from federal tax. Yet what constitutes physical injuries or physical sickness is not defined.

If you spent more than 9 months of the year in California, then you are presumed to be a California resident, and this is hard to rebut.

This tax bill would amend the tax code so that survivors of sexual abuse and unwanted, illegal sexual contact do not have to pay taxes on legal settlement income.

Lawsuits over fertility treatments and over destruction of eggs and embryos have exploded, yet the tax treatment of recoveries in these cases is not yet established.

Suppose that you purchase a home for $1M. You discover defects and you recover $500k from the seller or builder. Are you stuck with a tax bill on the $500k? It depends.

If you receive a Form 1099 that you do not report, you’re almost guaranteed an IRS notice. If the form is in error, you can explain it on your tax return.

Purchases at charity auctions yield tax deductions for the excess of the purchase price paid over the fair market value f the item, but celebrity presences don't count.

A $9 million winning bid for a charity lunch with Warren Buffett and Stephen Curry is more than a headline-grabbing gesture.

A successful Helms-Burton Act plaintiff is likely to have a good argument that settlement proceeds should qualify for long term capital gain treatment.

Discover the 10 key facts about IRS 1099 forms, including the different types and reporting requirements. Learn how non-employment income reports can impact your taxes.