Is a settlement amount you received for non-disclosed house repairs taxable? Keep in mind none of the money is punitive.?

3 Answers

Relevance
  • 7 months ago

    PUNITIVE damages are taxable.

    COMPENSATORY damages are generally not taxable.

    Unless your lawyer was a MORON, at least part of the damages should be considered compensation for the cost of repairs. In fact, in many jurisdictions, punitive damages CANNOT be awarded without some amount of compensatory damages.

    • Login to reply the answers
  • 7 months ago

    I never got any.

    • Login to reply the answers
  • P
    Lv 7
    7 months ago

    Generally settlements in general are not taxable since they are reimbursing you for expenses or damages that you incurred. Otherwise it's hard to tell what you are specifically referring to.

    • Login to reply the answers
Still have questions? Get your answers by asking now.