There are a number of factors that would determine the taxable amount of a legal judgment. Is the money you received all repayment for a loss or was part of the judgment for punitive damages? Was this a personal matter or business. The factors are too numerous to detail them all. If you want a more specific answer you will need to provide more information.
2006-10-24 19:25:08
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answer #1
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answered by ? 6
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All punitive damages are considered income and are reported and taxed.
As far as compensatory damages, most compensatory damages are considered income and are reported. You do not have to include compensatory damages for injury or sickness. (But all punitive damages for injury or sickness are included.) Each piece of a compensatory damage payment will have to be looked at individually to determine if it is reported or not.
2006-10-25 03:01:10
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answer #2
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answered by T H 4
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Punitive damages are taxable. Compensation for something you would have paid taxes on (IE lost wages) is taxable. Compensation for something you would not have paid taxes on (IE lost limb, damaged property) is not taxable.
2006-10-25 12:18:40
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answer #3
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answered by STEVEN F 7
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you end your rant with "God Bless" and that's the spectacular reason we can question Conservatives morals. Liberals do no longer thump the bible and inform you the thank you to stay your life...Conservatives are the hypocrites who have faith in "Do as I say...no longer as I do". we at the instant are not liars...we at the instant are not Sarah Palin form people who attempt to call for that American parents basically prepare stupidity interior this variety of abstinence jointly as our 17 twelve months old daughter is upstairs making toddlers with a 17 twelve months old boy. we at the instant are not Ensign form extreme horse using bible thumping preachers of kinfolk Values jointly as screwing the employed help and ruining families. Liberals spend Father's Day with their babies...we don't abandon our kinfolk over Father's Day weekend and pass off to Argentina. Liberals admit we at the instant are not appropriate...Conservatives do declare to be appropriate and that they wave the little bible around like that's evidence that they are the main morally righteous people on earth whilst in certainty Conservatives are the main sinful people on earth and you conceal your sins in the back of your faith. using up there on the extreme horse like Conservatives do relatively does propose that as quickly as you fall...you fall lots greater sturdy than those persons who stay easily. I be conscious you haven't any longer something greater moderen on Dems...jointly as the hits merely save on coming from the morally righteous favorites of god. Hypocrites....thank GOD your lost interior the desert and dying.
2016-11-25 19:34:37
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answer #4
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answered by Anonymous
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compensatory (by definition) damages are not taxable but punitive are
2006-10-25 03:31:33
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answer #5
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answered by goldenboyblue 3
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It depends on the suit. Ask your attorney. They will tell you.
2006-10-24 19:06:19
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answer #6
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answered by ? 6
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yes
2006-10-24 19:02:09
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answer #7
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answered by Anonymous
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