No, the monies that are in your Certificate of Deposit are not taxable but the interest that you make on the deposited monies are taxable. You should receive a 1099-B each for the amount of interest made on the CD for the year. http://taxresolutionaries.blogspot.com
If it's income... they will tax it. except medical payments.
persons wages/income within the Federal zone...also see The Public Tax Act for additional information
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
Punitive damages that are awarded in a lawsuit are generally not taxable in the state of New York. However, they can become taxable if they are used to pay or compansate the plaintiff for non-persoanal injuries.
Your question implies that your association and its board pursued a cause of action -- whether through negotiation, mediation or a court of law -- and was awarded a cash settlement. Realistically, based on the cause of action, the monies awarded were awarded based on a series of claims that included evidence. The monies, therefore, are best applied to cure the basis for the claims. Any excess funds can be disposed of based on the best advice given to the board. If you believe that you are being denied funds due you as an owner in this process, your best advisor will be your association-savvy attorney.
yes - make sure you get legal advice on the amount needed to pay. local, state and federal will hound you relentlessly to get their cut.
Cash for Lawsuits works with finance companies and plaintiffs to create lawsuit advance accounts in which a person receives a lump sum payment today in lieu of receiving whatever compensation is awarded by the court later.
No, not paying ones debts is a civil issue not a criminal one. Creditors do have options to recover monies owed, from the standard collection practices of telephone and mail contact to lawsuits.
The best way is to collect the money through your lawwyer, as you both may be still angry with each other.
Waiting on answer
I am not an expert - but - for what it is worth, I would have thought they were not taxable, as they are not really earnings - they are payment to you to compensate for harm done to you.....however it is best to contact a tax expert or an accountant to advise you properly.IMPROVE: It would also depend upon the state where you live, and if punitive damages were awarded. Typically, you are not taxed on compensatory damage awards, but you are on punitive damages (loss of consortium, mental anguish, etc.) that are awarded in addition to any compensatory damages awarded.