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Old 11-30-2012, 11:21 AM
Starbuy Starbuy is offline
LawnSite Senior Member
 
Join Date: Dec 2011
Location: Summit County, Ohio
Posts: 335
Generally speaking, if the settlement proceeds were to compensate you for lost wages then the money is taxable because the wages would have been taxable. If the settlement proceeds were awarded to punish the company for wrongful behavior they would also be taxable. If they were to pay you to make you whole from a financial loss (i.e. compensate you for actual damages, lost property value, loss of intended use and enjoyment, potential future financial loses such as when you try to sell the home or try to replant and the plant won't grow normally or die) then generally the proceeds would not be taxable. Another thing not generally taxable is life insurance benefits. But, best to consult a tax expert of which I am not.
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