Victims Tax Fairness Act of 2005

Victims Tax Fairness Act of 2005 - Amends the Internal Revenue Code to: (1) include in gross income amounts awarded to or received by the taxpayer, whether by suit or agreement, on account of nonphysical personal injury that are designated for attorneys' fees and costs; and (2) allow a tax deduction from gross income for attorneys' fees and costs awarded to or paid by the taxpayer, whether by suit or agreement, on account of nonphysical personal injury.