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Get your taxes done using TurboTax
Ok, thanks - I see the abstract, but not the complete article. "Payments for damages can be taxable as income, or can be nontaxable as a return of capital." Basically, the damage payment is paid before the work starts. I do not anticipate any true damage except for the trees they say they may need to cut down. (This slice of my property has nothing but trees, attached to ~ .5 acres of MORE trees between the house and the slice they want to use.) But overall, I believe you that for the most part, at least some portion of the payment should be reported on taxes (and the rep is just lying to me). Thanks
May 31, 2022
11:17 AM