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    georgiaclaire's Avatar
    georgiaclaire Posts: 1, Reputation: 1
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    #1

    Apr 14, 2009, 07:30 PM
    IRS lawsuit settlement taxes
    I received a settlement from an insurance company because of misrepresentation (vaninshing premiums). Is this taxable?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Apr 15, 2009, 06:53 AM

    Hello g:

    No. An award form a lawsuit makes you whole. It get's you back to even. It doesn't make you richer. If it made you richer, it would be income and have to be reported.

    excon
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