by Structured Settlement Watchdog
Hot "Tip" from Strategic Capital, a Toronto Canada based buyer of structured settlement payment rights.
"If you received a lump sum...You should consult an accountant for structured settlement advice to see for certain, but you usually know that money is tax free if you do not receive any type of 1098 or other tax reporting form at tax time".
Consider the following:
26 U.S. Code § 61 Except as otherwise provided in this subtitle, gross income means all income from whatever source derived,
Form 1098 is a form filed with the Internal Revenue Service (IRS) that details the amount of interest and mortgage-related expenses paid on a mortgage during the tax year. These expenses can be used as deductions on a U.S. income tax form, Schedule A, which reduces taxable income and the overall amount owed to the IRS.
Form 1098-C has do with donating a vehicle or plane to charity
Form 1098-E Student Loan Interest
Form 1098-T has to do with Tuition
Just because you don't receive a 1099 or W2