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 money taxable?” In other words, what damages are taxable on a personal injury settlement?
What Damages Are Taxable?
I have great news for you! The money that you get in your settlement is not taxable at all. The only exception to this rule is if punitive damages are awarded, in which case the money you receive from the punitive damages are taxable. However, in 99% of the personal injury cases out there, the money 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 money 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 money for your injury?
Here at The Tully Law Firm, we try to get you the most money 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 money we can, and the great news is the money 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