Generally an award from a lawsuit is taxable if it replaces taxable income. Therefore a lawsuit to replace lost income is taxable. An award for punitive damages is also taxable income. Awards for property damage, consumer claims or physical injury are not taxable. The legal costs are generally deductible against the income if they were paid to help collect or produce the income.Andy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra