Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Where do I enter the proceeds from a settlement on a 1040

jjm-cffsllc-com
Level 1
 
Labels (1)
0 Cheers
8 Replies 8
BobKamman
Level 15

Depends on what kind of settlement.  Tell us more. 

jjmcgiii50
Level 1

The proceeds were received from BP/Haliburton related to an oil spill that caused my client damages.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

Sch C, E or maybe Other Income depending on your clients situation.

Q:16

https://www.irs.gov/newsroom/gulf-oil-spill-questions-and-answers


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15

You won by 29 seconds

mdtao31
Level 5

lisa still the goat!! (GREATEST OF ALL TIME)

stay safe

Just-Lisa-Now-
Level 15
Level 15

 

JustLisaNow_0-1634307958392.png

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
PATAX
Level 11

Obviously from the vagueness of your question you are most likely not a tax preparer and a do-it-yourselfer... Therefore go to TurboTax and do it yourself if you are not a tax preparer, as this forum is for tax preparers who use Pro Series...