Puhiguy
Level 1
02-13-2020
03:38 PM
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are court settlements taxable? cannot find definitive answers please advise
abctax55
Level 15
02-13-2020
03:44 PM
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Depends on what they are for... NMI !
"*******Tax software is no substitute for a professional tax preparer*******
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IRonMaN
Level 15
02-13-2020
05:15 PM
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I think you are going to need to provide some more definitive information to get a definitive answer.
Slava Ukraini!
itonewbie
Level 15
02-13-2020
05:31 PM
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Generally yes unless it is attributable to physical (not emotional) injuries and sickness under §104 but even that has conditions. Character of the income from settlement, which depends on the original of the claim, would determine how it gets taxed.
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