Tax question for OOT
In 2005 I won a legal settlement where each month money would be sent to my attorney's bank account in trust for me. He would then take out his legal fee and send me a check for the balance from his account.
1) Does my attorney send me a 1099? Even though the attorney holds the fee in trust, is that considered income for him as well?
2) Does the company I won the settlement from send me a 1099, or do they send the attorney the 1099?
3) My legal fees collected from the winnings are significantly large (1/3). Do I have to send my attorney a 1099?
Thanks for the tax advice OOT!
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