TAX: Is an insurance settlement from Canada taxable in the US?

10-07-2005, 05:16 PM

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Join Date: Oct 2005

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TAX: Is an insurance settlement from Canada taxable in the US?

Massachusetts:

I am a Canadian citizen living in the US. I am a permanent US resident.
I have just finally settled a law suit from 1997 which occurred while I was still living in Canada (I moved to the US in 2000).
This money is not taxable in Canada whether I live there or not, but I have no idea of the tax laws here in the US with respect to this type of thing.
Is this considered taxable income? Do I need to claim this as income on my 2005 US tax return?

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