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Question
I received 1099 for settlement on lemon law lawsuit. what can I write off or deduct?
AI accountant’s answer:
Generally, a lemon law settlement is only taxable for the part that exceeds your loss. Your settlement agreement might discuss if the settlement exceeds your loss.
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Answer
Generally, a lemon law settlement is only taxable for the part that exceeds your loss. Your settlement agreement might discuss if the settlement exceeds your loss.
No answer given yet!
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Melissa Pedigo, CPA
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