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Financial Planning / Tax Strategies


Subject:  Re: Question about windfall for bus monitor Date:  7/1/2012  6:40 AM
Author:  billjam Number:  116373 of 123001

Thanks, Phil. I've always wondered about things like that too. Where I live we often have benefits for people struck by diasater or serious illness. I always thought they were gifts but wondered what the IRS position was.

In some cases there is another issue though. A man I know suffered a heart attack followed by multiple strokes during recovery from quintuple bypass. At 53 he was never going to be able to live at home again but was otherwise healthy. Friends raised over $50K for the family and the man became a permanent resident of the local veterans home after several months in a private rehab facility. The family was advised by their