Are Car Accident Settlements Taxed?
After experiencing a car accident, injured victims can seek financial compensation from the liable driver who caused their injuries. If you’ve recently been in a car accident, you might wonder whether your settlement will be taxed.
The answer is no; but part of your settlement may be taxed. How much depends on the reason you were awarded the money. For detailed explanations on how much your settlement will decrease due to taxes, speak with an accountant. If you wish to discuss your injury claim and whether you’re getting fair and favorable compensation for all damages, The Barnes Firm personal injury attorneys can help.