December 17, 2009
Do I pay taxes on a personal injury settlement?
tami_leigh asked:
I received a settlement check from an insurance company due to a motorcycle accident. Do I need to report this for taxes?
Gwinnett Personal Injury Lawyer
I received a settlement check from an insurance company due to a motorcycle accident. Do I need to report this for taxes?
Gwinnett Personal Injury Lawyer
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Comments on Do I pay taxes on a personal injury settlement?
8:06 pm
Gwinnett Personal Injury Lawyer
See IRS publication 525.
Compensation for a personal injury is not taxable.
2:48 am
Gwinnett Personal Injury Lawyer
i got a $47,000 settlement and didn’t have to pay a dime in taxes…
7:09 pm
Gwinnett Personal Injury Lawyer
Settlements for personal injury are not taxable. However if any portion was earmarked as lost wages, accrued interest, or punitive damages then those portions are fully taxable as ordinary income.
2:22 am
Gwinnett Personal Injury Lawyer