Other party wants to settle with me for injuries sustained in a car collision. Will I be taxed on this settlement?
Years ago, I had a personal injury suit. The other party settled and paid my $20K. My attorney paid me with two checks under $10K and told me that anyone who brings a check of more than $10K to a bank gets reported by the bank to the IRS. Is this the same today, should I have the settlement drawn in separate checks less than $10K to avoid the bank reporting to the IRS?
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