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In this video, John Miller, a CPA, discusses the tax implications of settlements from lawsuits. He explains that the taxability of a settlement depends on the type of damages received. Compensatory damages, such as those for a car accident, are not taxable as they are meant to compensate for losses. These damages do not make the recipient better off than before the incident. It is essential to understand the different types of settlements and damages to determine if they are taxable.
