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I have a settlement from the Deep Horizon Oil spill from BP. Is this income taxable?

 
1 Reply
CherylW
Level 3

I have a settlement from the Deep Horizon Oil spill from BP. Is this income taxable?

Yes, it is.

See this article for how to report it:

https://www.irs.gov/uac/gulf-oil-spill-questions-and-answers

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