What is the name of your state (only U.S. law)? California
I am currently in the process of trying to settle out of court on a fail to disclose matter regarding my house and the developer. Since I am the first owner I am planning to ask as a settlement to make me “whole” meaning for them to pay me back for my mortgage payments, property taxes and house insurance payments and I would sign over the title/deed to the house to them. Since I would not be asking to make a gain on this just to make me “whole”, if they were to agree, would the settlement amount be taxable? Thank you for your help in this matter.
I am currently in the process of trying to settle out of court on a fail to disclose matter regarding my house and the developer. Since I am the first owner I am planning to ask as a settlement to make me “whole” meaning for them to pay me back for my mortgage payments, property taxes and house insurance payments and I would sign over the title/deed to the house to them. Since I would not be asking to make a gain on this just to make me “whole”, if they were to agree, would the settlement amount be taxable? Thank you for your help in this matter.