The following according to the IRS, are excludable from Income in 2011 as shown below;
- Damages (other than punitive damages) that compensate an injured person for physical injuries or sickness (IRC Sec. 104 (a)(2))
- Gifts and inheritances, unless income with respect to decedent, such as IRA or pension distributions.
- Life insurance proceeds.
- Disaster relief payments (IRC Sec. 139).
- Most public welfare benefits, including disaster relief and mortgage assistance.
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