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J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4385
Experience:  Attorney and small business owner with 10 years experience in the general practice of law.
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In Nebraska is compensation for a court judgement for property

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In Nebraska is compensation for a court judgement for property you paid for but did not receive Taxable. The total compensation received is around 10% of the actual loss?

J.Hazelbaker :

Hello. Thank you for using JustAnswer.

J.Hazelbaker :

No. property damage award is not taxable unless you realize a gain (receive more in the judgment than the value of the loss).

J.Hazelbaker :

Based on your description of 10% recovered value, you would not report as income.

J.Hazelbaker :

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