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Get your taxes done using TurboTax
In most cases the payment is a partial reimbursement for damages and is not taxable. Additionally the minimum reporting threshold to IRS is $600, so if it is less than this amount which most are, then it has not been reported to IRS as taxable. Lastly if you did not get a 1099-MISC then I would recommend treating it as not taxable.
March 1, 2020
11:38 AM
3,261 Views