AggieGal
New Member

I received a settlement for damage to my property. I used a good amount of the proceeds for repairs. Is the entire settlement taxable? Can I deduct the cost of repairs?

I received proceeds from a lawsuit for damage done to my property. I used a good amount of the proceeds to repair my property and a good chunk for attorney's fees. Is the entire amount taxable to me? Can I deduct the cost of the repairs? Can I deduct my attorney's fees?