I bought a house couple of years back and few issues started appearing with the house immediately after we moved in. the issue were related to previously known problems but were communicated to us as fixed properly during the purchase process. It resulted into lengthy back and forth follow up with seller, agents and filing a litigation against the seller, buyer and seller agent. Finally, it ended during mediation process and with a payout of 60k (20k by each party) . I did not received form 1099 from any of the party involved in paying me the settlement amount
Do I need to report this as my income during tax filing or pay any tax on it?
Thanks
