I don't think I have to, but is it considered income or no?
If I'm a creditor in a bankruptcy case, do I have to pay taxes on the money awarded?
What Guys Said 3
The short answer is yes, but you may have already paid them depending on circumstances. What type of creditor are you? Employee? Supplier? Subcontractor? If one of the last two, are you on a cash or accrual basis? If accrual and the money owed is from a previous year, you've likely already paid the taxes on it. Or is there some other basis for your creditor claim?1
That entirely depends on the tax law where you live. It would help to know where exactly you are.0
Yes, capital gain.0
What Girls Said 1
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