Civil lawsuit restitution on a payday loan

nickkatie — Wed, 05 Jun 2019 23:25:33 GMT

I had taken out a payday loan, which I paid off. The state of MN filed a civil suit against the company and I have received a restitution check. Since I had paid the load with taxed money, do I need to pay tax on this restitution?

It's likely the restitution was a refund of loan interest...

RichardG — Wed, 05 Jun 2019 23:25:34 GMT

It's likely the restitution was a refund of loan interest. Since the interest is not deductible, you don't need to report the refund as income.

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Civil lawsuit restitution on a payday loan

It's likely the restitution was a refund of loan interest...