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Good morning. No, this is not taxable income because it does not represent an increase in your net worth as a result of something you did. Rather, it is simply payment for a loss to put you in the position you were in prior to the accident. As such, it is not income and thus not reportable or taxable.
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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.