Social Question

RedDeerGuy1's avatar

Does the family of George Floyd have to pay taxes on the $27 million dollars settlement?

Asked by RedDeerGuy1 (24493points) April 21st, 2021
4 responses
“Great Question” (2points)

For wronglful death? Or legal fees?
Like we do when you win the lottery?

Sounds like a total dick move if true.

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Tropical_Willie's avatar

Settlement money and damages collected from a lawsuit are considered income, which means the IRS will generally tax that money, although personal injury settlements are an exception (most notably: car accident settlement and slip and fall settlements are nontaxable).

The family will have to split with the lawyers usually the lawyers get 25% to 33%.

Tropical_Willie (31138points)“Great Answer” (4points)
kritiper's avatar

Yes. The tax man will take about a third, or 9 million, and the lawyers will get 6.75 to 9 million leaving the family with maybe 9 to 11.25 million.

kritiper (25757points)“Great Answer” (1points)
Tropical_Willie's avatar

Insurance company will be paying I think.

Tropical_Willie (31138points)“Great Answer” (2points)
gondwanalon's avatar

Attorneys usually take ⅓ and the IRS take about another big bite. The family will still get a big pile of money.

gondwanalon (22888points)“Great Answer” (1points)

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