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?
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?