Is a settlement payment taxable?
Once they receive financial compensation to pay for damages in a personal injury case, many people are unsure whether or not the money is subject to taxes. In general, the Internal Revenue Service typically does not require you to pay taxes on personal injury rewards. No matter how much money you receive in your case, it is usually not taxable unless it is remuneration to cover lost income. Because personal income is taxable, this financial reward can also be taxed.
To get answers for other personal injury lawsuit questions, contact the Nashville personal injury lawyers of Pohl & Berk, LLP, today at 615-277-2765 and let us help you through every step of your case. Call today and schedule a free consultation.