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Old 03-19-2013, 03:24 PM
Starbuy Starbuy is offline
LawnSite Senior Member
 
Join Date: Dec 2011
Location: Summit County, Ohio
Posts: 335
Quote:
Originally Posted by redcabo7 View Post
For all of those who are settling, you are required to provide your Social Security Number therefore you will be paying taxes next spring.
Check with a tax expert first. I doubt this very much. But, companies who used Imprelis and got reimbursed by Dupont for doing some leg work on their behalf with documenting damage of homeowners' properties may have to pay taxes since I understand some received W-2s. Just because SS#s are asked for doesn't necessarily mean the IRS is involved with the homeowners side of things. You don't normally pay taxes when you receive a settlement from a car accident either. An injured party doesn't make a profit from being compensated for their loss. Some are never truly made whole anyhow. Check with a tax expert for what part of settlements or court judgements are taxable. Only certain things apply. These settlements aren't profit and for many they don't seem to even cover their full true damages at this point (see above comment about cost of gas line removal/replacement).
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