Do You Have to Pay Taxes on a Settlement From a Truck Accident?
Imagine you just received full compensation for being involved in a trucking accident. You can use this money to fix your car, pay medical bills, or buy a new car. But you may be thinking, “Do I have to pay taxes on my settlement?” Fortunately, the short answer is no. You won’t have to pay taxes on most motor accident settlements.
However, there are cases where some of your compensation is taxed. To fully understand how much of your settlement is taxable, reach out to a personal injury attorney or a tax attorney.