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February 16, 2024
Question

Do I need to file taxes on money I received from a property tax class action lawsuit?

  • February 16, 2024
  • 1 reply
  • 0 views
I was entitled to a refund for property taxes.
The amount was under $3,500

1 reply

DaveF1006
February 16, 2024

According to this IRS source, amounts received from settlement of lawsuits and other legal remedies is Internal Revenue Code (IRC) Section 61.This section states all income is taxable from whatever source derived, unless exempted by another section of the code.

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