Credit Card foreign currency fee settlement

Nov 30, 2011 2 Replies

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WJB57 14 years ago

I recently received a refund from the settlement of the credit card foreign currency lawsuit. I cannot find any reference in the settlement website (link attached) that indicates if the settlement is considered taxable to US taxpayers. I assume not, but would like to be clear before I make any year-end tax moves. My refund was in the $1500 range.

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Thanks.

Andy

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JoeTaxpayer 14 years ago

The settlement is referred to as a refund. You are being reimbursed money you paid or had held for certain transactions. This is not taxable, it's your money you are getting back.

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paulthomascpa 14 years ago

It is going to be taxable income IF you deducted those fees or costs on your tax returns in prior years.

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