I received a check from the Settlement administrator for the class action suit against Verizon for blocking indiscrimately email from certain regions and/or domains (a backfiring attempt at blocking spam). Is this $21 taxable income for 2007? If so, where would I list this on a 1040? Thanks in advance!
-- Best regards Han email address is invalid
If you paid Verizon more than $21 for the (bad) service they provided, that should be considered a refund and is taxable only to the extent the money you paid Verizon was deducted. (If it was a personal expense, there was no deduction and hence no tax on the refund. If it was a business expense and deducted, the refund reduced the deduction hence is taxable, and your accountant should know how to handle it.) Seth
Thanks, Seth!
-- Best regards Han email address is invalid
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.