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Submitted 331 days ago...

mountain_nights

New User (7)

TAXABLE INCOME ON A SETTLEMENT??

I RECEIVED A $2500 SETTLEMENT FROM A CLASS ACTION SUIT AGAINST MY MORTGAGE COMPANY. AM I GOING TO BE TAXED ON THIS???

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Answer 1 / 2

Submitted 329 days ago...

sidelko

Brain (3,031)

As it will be considered income, you probably will have to claim it.

if you get a 1099-misc or similar tax form this month, then yes you will have to claim it.

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Answer 2 / 2

Submitted 329 days ago...

Jodi-Mesa

Brain (2,795)

Yup - a settlement is just treated as income and you'll file taxes on it

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