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Phen-fen sttelement money. Is it taxable?

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frustratedone98

Junior Member
What is the name of your state? Texas

I'll be receiving a settlement shortly. Is the settlement money taxable?
If it is, is it taxable only on the portion I receive or on the settlement amount (the rediculous amount going to the attorney)
 


moburkes

Senior Member
What is the name of your state? Texas

I'll be receiving a settlement shortly. Is the settlement money taxable?
If it is, is it taxable only on the portion I receive or on the settlement amount (the rediculous amount going to the attorney)
You should probably ask this question in the tax forum.
 

bonniegirl60

Junior Member
Phen-fen settlement More Detail on Taxable

I do not know the difference between - Compensatory damages and Punitive damages. Can you explain please so that I can figure out if my Phen-fen settlement is taxable or not.
Thank you,
Mary
Nebraska
 
Last edited:

ceara19

Senior Member
Compensatory damages are compensation for your actual financial losses caused by the other party. Punitive damages are awarded to "punish" the at fault party and to discourage others from committing the same or similar offenses against others.
 

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