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Question about settlements and taxes

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VeronicaGia

Senior Member
What is the name of your state? MI

Hypothetical question: I win a lawsuit against ABC company for $100,000.00. The terms of the settlement are private (not sure if that matters). Do I have to claim that $100,000.00 as income on my tax return? I'm guessing I do in fact have to pay taxes on that settlement.

Thanks in advance.
 


abezon

Senior Member
Maybe. It depends on what the settlement is for. Check out loku's posts on settlements for the list. (search function on top of page)
 

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