Hello! I currently have an outstanding suit with GM for a vehicle I purchased that has had various issues. In Louisiana we have redhibtion, which basically states an item purchased for a certain amount, would not have been sold for that amount if the defects were known to the purchaser. My attorney and I have sent an offer for $16,000, which he believes is a fair offer. From what I’ve read, this would not be considered taxable income, as it would essentially be a refund for funds already spent. I will also
not receive a 1099 per my layer. Am I correct in thinking this? Thanks!
