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Are Judgments Taxable?

Q. Thanks for getting my money. Should I report this as income on my tax return?

A: We are not tax experts. Our opinion is - if $25,000 was taken from you, and you sued and won - and later on, a judgment enforcer recovered $25,000 or less for you - there was no profit. In such a situation, no tax would be due. If the judgment enforcer recovered more money than the debtor caused you to lose - you might have to pay tax on the profit. This is just our opinion - please consult a tax expert.


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