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
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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