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  • paulsakalas
    paulsakalas
    • over 5 years ago
    • Lexis® Legal Advantage
    • FAQ

    Are Punitive Damages Tax Deductible?

    There’s a two-part answer here, one from the defense perspective and the other from the plaintiff. On the defense side, punitive damages paid are tax deductible. In regard to legal fees, those are typically considered a business expense and, as...
  • paulsakalas
    paulsakalas
    • over 5 years ago
    • Lexis® Legal Advantage
    • FAQ

    Are Punitive Damages Taxable?

    In a lawsuit settlement, the plaintiff can often be awarded for both compensatory and punitive damages. Punitive damages can be seen as a “punishment” of sorts to the defendant in the lawsuit, as a way for the Courts to assign a dollar amount...
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