Will BP Oil Spill victims pay tax on settlement? Robert Wood

The news release that BP reached a $7.8 billion settlement over its Deepwater Horizon oil spill could mean cash for many victims soon. It’s good news for BP too, although BP must still deal with probable government fines. See BP Spill Saga Far From Over. BP can deduct compensation paid to victims but may have a hard time deducting government fines.

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Your questions answered on the BP Gulf Coast Oil Spill Settlement, what does it mean for you?