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jlang77
New Member

My wife and I owned an LLC which has been closed for 9 years. In 2017 we received a class action settlement. Can we report the income on our personal tax return?

 
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CarolynM
Level 1

My wife and I owned an LLC which has been closed for 9 years. In 2017 we received a class action settlement. Can we report the income on our personal tax return?

Yes, if you were the only owners. You should include as miscellaneous income. 

For more information on lawsuit payments as income, follow this link: IRS on Lawsuits

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CarolynM
Level 1

My wife and I owned an LLC which has been closed for 9 years. In 2017 we received a class action settlement. Can we report the income on our personal tax return?

Yes, if you were the only owners. You should include as miscellaneous income. 

For more information on lawsuit payments as income, follow this link: IRS on Lawsuits

View solution in original post

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