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The key question to ask is: "What was the settlement intended to replace?"
If this was compensation for wages, please see the TurboTax article Family Caregivers and Self-Employment Tax for some tax guidelines.
Here are IRS special rules for caregivers and self-employment. https://www.irs.gov/businesses/small-businesses-self-employed/family-caregivers-and-self-employment-...
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