• Yes. You may NOT have to pay any income taxes on the settlement, however. This would depend on the cleverness of the CPA who prepares your taxes. Whatever you spend to have your taxes prepared for you, is fully deductible on your next year's return. +5
  • What kind of 'insurance' settlement? death benefit? damage done to a rental home? damage done to your car? lost wages? depends WHAT the settlement is for as to whether or not it's taxable.

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