Just a note: No different than state tax refunds, you only would have income to the extent you actually benefitted from taking an itemized deduction for the monies, you would actually have to redo the tax return where you claimed the money as an expense and see what impact it had to your AGI and only that amount would be taxable income in the current year.
**I don't work for TT. Just trying to help. All the best.
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**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
