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Do you have to pay taxes on money received from a civil lawsuit?
Wiki User
∙ 16y ago
Generally yes...but it is entirely situational.
Looked at broadly, if the money received is to evenly replace something of value you lost...say paying you for the broken window..then it ISN'T taxable, (as long as you didn't take a casualty deduction for the loss when it was incurred.....in which case it's taxable at least to the amount of the loss you reported, but now got compensated for).
If they payment is to enforce a contract or such, where had the money been paid under the contract it would have been taxable, it is still taxable. The fact you had to sue to get it doesn't change that.
If it is as a penalty or for damages of which you had no tax basis, then it is taxable.
Wiki User
∙ 16y ago
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