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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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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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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