Legal Facts & Information: Do We Pay Taxes on Personal Injury Settlements?

Published by Angelica Mendoza

on March 4, 2011

If you’ve been the victim of a car accident, then you know just how stressful and confusing it can be. Many people choose to settle these types of cases outside of court, in order to avoid inconvenient and annoying hassles. But a lot of drivers do not know if they are required to pay taxes on their personal injury settlements.

In this video, learn when you have to pay taxes on a personal injury settlement. The answer is that it depends on whether you’re requesting compensation for physical injuries or for punitive or exemplary damages. People filing for physical injury compensation are not required to pay taxes on this income, so you want to make sure to file this way if possible.

For more information on personal injury, contact the personal injury lawyers at Shea Law Group.

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