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Breach of contract settlement taxable Form: What You Should Know
In some cases, the payment could be characterized as capital for the purpose of computing the gain or loss. This doesn't always apply. Also, the following can affect your taxable settlement: The settlement may be an agreement of nondisclosure The settlement is for a debt or a promissory note If the settlement is a contract, it is a form of contractual dispute, and you should consider your agreement to the agreement. You may wish to consider whether a settlement is one of the following: Settlement without agreement to continue as a party or party-to-contract You have agreed to the settlement without a valid election for tax deduction and no choice as to the type of settlement You may be subject to IRS audit; if so, you can have your tax audit covered under the audit protection that arises from a Settlement.
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