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Settled outside of court for a settlement against me. How to claim on taxes?
The original claim was for a fire at the apartment I had lived at. No charges were ever brought up, but it was found that the fire started on my porch (still unknown how it started). I had a claim against me for over $550,000. I got a lawyer and we settled for $3,000. I have received no tax forms from the collection agency. How do I handle this situation on my taxes?
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June 6, 2019
6:52 AM
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Deductions & credits
You don't report anything. This is a personal expense that will not be reported on your tax return.
June 6, 2019
6:52 AM