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My wife and I owned an LLC which has been closed for 9 years. In 2017 we received a class action settlement. Can we report the income on our personal tax return?
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June 6, 2019
1:28 AM
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Get your taxes done using TurboTax
Yes, if you were the only owners. You should include as miscellaneous income.
For more information on lawsuit payments as income, follow this link: IRS on Lawsuits
June 6, 2019
1:28 AM