are construction defect lawsuit settlements taxable?
117441
Any amount of money over and above the cost to remedy the problem addressed in the lawsuit and the ordinary (and documented) expenses of pursuing the lawsuit are taxable as ordinary income.  In other words, if you realize a net profit as a result of your lawsuit, you must pay income tax on that profit.
762910
Yes.  Several ways, like liens for taxes or other government services, or judgement liens from lawsuits, or a Lis Pendens from plaintiffs suing the owner for something.
246716
yes they would.  the value of your new home would be taxed accordingly.  a rebuild is taxed higher, leave a wall up and its only a remodel, taxed lower.  But to be safe, check with the city.
187123
If you already won a settlement in small claims court, then the civil issue of liability has been decided already and you have the right to be compensated for the damages as awarded by the court.\n\nIf you would like to see the other party charged with fraud (when you say charged, I assume you mean criminal fraud), then you would need to file a claim with the police and the government must decide whether or not to file any criminal charges in the matter.
706074
What will probably happen is that they will be awarded what the original logs cost, they can upgrade and pay the difference themselves.  The court will not allow them to profit, only recover damages.
1118620
Not sure, but it sounds as though you may asking about a resale certificate, so that you're exempt from paying sales tax on products for resale. If so, contact the state agency that deals with sales tax issues.
29880
it depends on: is it from the state? then yes, somewhere you paid or will pay taxes... If it's from a private insurer if the payments were deducted post tax, then no (they've already been taxed) if you paid premiums with pre tax dollars, you will be taxed IF THE insurance company reports your payments as income.  look at your policy.
920109
You do not have to pay taxes on an insurance settlement. The money is meant to indemnify you. However if you decide to invest it you will have to pay taxes when you collect dividends. But if you are going to repair your vehicle or anything like that you are ok. \n\nI have an accounting degree and a license in P & C insurance. This topic has been brought up several times!
728258
They getcha where they can. Both new and used or second hand items are taxable.\n\nPlaces I know where you might not pay tax is garage sales and e-Bay.
1112123
I think you have a case . . . did you happen to take pictures of all of these "repairs"?  Sometimes just the threat of small-claims court will get them to write a cheque.  You may have to pay a lawyer to write up the court documents, unless the clerk is willing to help you out.  You did agree to the repairs, but you could argue that you expected them to be close to the original quality.  The fact that they tried to repair the stand, indicates they insured the UNIT part also. Good luck.
886206
A tax lien may be placed against your federal return by the state you live in.  Some states have gotten very aggressive about this to include traffic and parking tickets.  The following link will help you trace your refund if it is past due and also explain some of the information necessary to make the trace.\n\nhttp://www.irs.gov/individuals/article/0,,id=96596,00.html
347560
If you did not sell a product, something that you touch, see, smell, etc, then no tax.  Service, such as sharpening a blade, labor on car repairs, are all non-taxable.
476258
yes it's about a glitch that h and r block did...now there's a lawsuit and everyone who filed taxes through them is entitled to it
86662
Check The Policy\n\nPayment could depend on the age, cost, and current cost of the equipment.  Other pay off facts may be the safety of the building, insurance agent, and policy.  You can disagree with the agent who settles it.  You may be able to get an attorney if you think they are not treating you fairly or paying enough money.  Good luck
405042
No, you will owe tax on them unless you have capital losses to balance them. Either way you have to file
182078
Here's the beginning of the answer:  "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below.  It has more complete explanations.
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!