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Business & farm
The laws regarding the deductibility of settlement payments are complex. Most were repealed with the Tax Cuts and Jobs Act of 2017. Here is a fairly recent article on the subject: Sorting the tax consequences of settlements and judgments.
Your best option is to seek the advice of a local tax or legal professional so you have adequate documentation to support your deduction should you choose to report it.
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‎April 11, 2023
11:41 AM