Bernard Tully Personal Injury Lawyer. Phone: 412-281-8700
The topic of today’s blog involves the question: “If I receive a settlement for the pain and suffering I went through from my back injury case, is that $ taxable?” In other words, do you have to pay taxes on the money from your injury settlement?
I have great news for you! The $ that you get in your settlement is not taxable at all. So you don’t have to pay taxes on your injury settlement. The only exception to this rule is if punitive damages are awarded, in which case the $ you receive from the punitive damage award will be taxable. However, in 99% of the personal injury cases out there, the $ you receive from the settlement is NOT taxable.
I hope this helps a little bit and that you understand that because the government is unable to tax your portion of the settlement fund, you get more $ in your pocket!
NOW, the next question is, how do you get to the point where the insurance company extends an offer and you receive a decent amount of $ for your injury?
Here at The Tully Law Firm, we try to get you the most $ possible for your injuries, period! Because if you do not receive a fair settlement offer, after everything you went through in dealing with your accident-related pain and suffering, the insurance company wins!
We are here to get you the most $ we can, and the great news is the $ you receive is non-taxable.
Here at Tully’s law firm, our main focus is honesty. We always preach it. We are passionate about trying to help you! Questions about the blog? CALL US NOW!
Bernard Tully Personal Injury Lawyer. 412-281-8700 and 1-800-518-0050