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In that case, you'd report the medical expenses related to the incident as miscellaneous (other) income. Punitive damages are taxable except in certain wrongful death cases, as are awards for employment discrimination and injury to reputation (libel, slander, defamation, etc.).
A. A mutual fund's tax-loss carry-forwards, along with any unrealized losses on securities it still holds, act like built-in tax shelters. Funds with a large amount of embedded capital lossesâboth realized and unrealizedâcan potentially minimize their taxable distributions for years to come.or mutual-fund investors, April truly is the cruelest month. Taxes can be due on profits made selling fund shares, and even more taxes if any of your funds' managers booked more gains than losses when trading shares in the fund's portfolio.