BP claims payments may be taxed

Posted on June 28th, 2010 No Comments

People who are victims of the Gulf of Mexico disaster will be taxed on the money received from BP when taxes are due. The money will be taxed by the IRS as if it were normal income.

According to officials, BP has written 34,400 checks totaling $111.2 million for claims that have been filed. A Louisiana Representative announced a bill last week that would allow for the money from BP to be tax exempt because he said that the victims in his state will be stretching the money enough without having to worry about saving money for taxes.

BP has also announced that they will have a hot line on July 17 for questions about how the IRS will handle the payments.

If you or a loved one has suffered property loss from the oil spill, contact the Gulf Oil Spill property damage lawyers of Williams Hart by calling 800-821-1544.

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