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Message
Accident Settlement
Posted on 6/25/09 at 11:30 am
Posted on 6/25/09 at 11:30 am
I just got some money from an accident settlement. After all medical bills are paid, I will still have a few thousand for my troubles. Is this taxable?
BTW:
Wreck photo...
BTW:
Wreck photo...
Posted on 6/25/09 at 11:33 am to buzwa
when i was in law school losses for personal injury were not taxable. THIS IS NOT TAX ADVICE OR LEGAL ADVICE.
IRS changes shite all the time
IRS changes shite all the time
quote:
"Section 104(a)(2) excludes from gross income the amount of any damages received (whether by suit or agreement) on account of personal injuries or sickness. The term ?damages received (whether by suit or agreement)? means an amount received (other than workmen's compensation) through prosecution of a legal suit or action based upon tort or tort type rights, or through a settlement agreement entered into in lieu of such prosecution."
quote:
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.
This post was edited on 6/25/09 at 11:35 am
Posted on 6/25/09 at 11:42 am to SlowFlowPro
Appreciate the info, it at least points me in the right direction.
Posted on 6/25/09 at 11:43 am to buzwa
shite. Hope you were driving the big rig
Posted on 6/25/09 at 12:44 pm to Cold Cous Cous
Before you accept a quick check, check with me.
If you've been hit by a big rig, let's take them to court and they won't be so big.
Seems like I have heard this somewhere before.
If you've been hit by a big rig, let's take them to court and they won't be so big.
Seems like I have heard this somewhere before.
Posted on 6/25/09 at 1:20 pm to Y.A. Tittle
too bad E Eric got disbarred
Posted on 6/25/09 at 1:51 pm to buzwa
Compensatory payments from personal injury cases are not taxable. If you were awarded any punitive damages those amounts would be taxable.
Posted on 6/25/09 at 2:44 pm to Poodlebrain
also, if any portion of the personal injury settlement was for confidentiality, that portion would be taxable as well.
Posted on 6/25/09 at 3:13 pm to buzwa
Is that a sugarcane truck? Those guys are the worst...
Posted on 6/25/09 at 8:44 pm to sneakytiger
You should have put the Womack on them!!!
Posted on 6/25/09 at 9:53 pm to arowana
Thanks for the info everyone.
Yeah it was a damn sugar cane truck. Every 18 wheeler driver on the highway is required to have a commercial drivers license... not sugar cane truck drivers! I was stopped b/c a school bus was letting children on in the right lane, and the cane truck driver didn't notice the bus stopped and swerved into my lane to avoid hitting it. The guy offered me a cigarette and then told me he didn't realize how hard he had to pull the emergency brake ...
Yeah it was a damn sugar cane truck. Every 18 wheeler driver on the highway is required to have a commercial drivers license... not sugar cane truck drivers! I was stopped b/c a school bus was letting children on in the right lane, and the cane truck driver didn't notice the bus stopped and swerved into my lane to avoid hitting it. The guy offered me a cigarette and then told me he didn't realize how hard he had to pull the emergency brake ...
Posted on 6/26/09 at 12:36 am to buzwa
Had a friend who got a similar settlement and it wasn't taxable.
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