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Are Structured Settlement Payments Due To Personal Injury Considered As Income?
asked 1 year ago
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No. The general principle involved is that the settlement amount is in compensation for something you lost - no net gain and therefore nothing to tax. The applicable tax publication is "IRC Sec. 104(a)(1)". Be advised though, if you die then the proceeds of the remaining payout may be taxed unless you structure some sort of shelter. You'll need the help of an attorney to do that.
answered 1 year ago
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