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Level 1
June 5, 2019
Question

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

  • June 5, 2019
  • 1 reply
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1 reply

Level 11
June 5, 2019

Yes, it is.

See this article for how to report it:

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