do you have to pay taxes on non procuarnary damages recieved from a federal agenciey?

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do you have to pay taxes on non procuarnary damages recieved from a federal agenciey?

2007-09-18 01:44:30 · 1 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

1 answers

Only claims for physical injury or illness are not taxable. Even so, if a portion a non taxable award is earmarked for punitive damages, lost wages, or interest, that portion is fully taxable.

I have no idea what you mean by "non procuarnary damages."

2007-09-18 03:42:36 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋