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IF you got some money back from the rear brake settlement are you supposed to do something with the taxes? is it something we have to "claim" tell the irs about?
 

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Vtahk didnt kick in
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When a friend owes you money do you ask yourself that?
 

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IF you got some money back from the rear brake settlement are you supposed to do something with the taxes? is it something we have to "claim" tell the irs about?
Generally no, as there was no interest paid and no punitive damages included as part of the settlement. You can refer to this IRS link, under Other Income, Court Awards and Damages.

http://www.irs.gov/publications/p525/ar02.html

However, you can always consult a CPA, lol.
 
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