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.
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.