Legal Question in Civil Litigation in New York

Settlements/taxes
Is there a difference bettween punitive and compensatory damages with
regard to taxes ? ... thank you ...

Asked on 12/06/99, 3:37 pm

1 Answer from Attorneys

Daniel Clement Law Offices of Daniel Clement

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0 attorneys agreed

Re: Settlements/taxes

Punitive damages are always subject to income tax. Compensatory damages may be subject to tax, depending upon what the are for.

Daniel Clement

Answered on 12/06/99, 4:39 pm

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