Lexis
®
Legal Advantage
Trends
Insights
Product Spotlight
Attorney Spotlight
Buy Now
Free Trial
All tags
Punitive Damages
Litigation
Settlements
Tax
Tax Law
Taxation
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
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...
View related content throughout Lexis® Legal Advantage
More
Cancel