Are Accident Settlements Taxable?

It’s a long and exhausting process to fight for compensation after a car accident when you’re already injured and in pain. Personal injury attorneys can be a huge help in getting reimbursed for medical bills, lost wages and pain and suffering. Once you’ve received your settlement, you can at least put that chapter behind you. Get caught up on medical bills.   But you may not be aware that you may have to pay taxes on the settlement money you’ve received. Whether you do and how much depends on the facts and circumstances of your case.  It is always best to talk to a tax advisor to get official tax advice. You can use this page to help formulate questions when talking to a professional about taxation on your car accident settlement. You can also call the Law Offices of Randolph Rice at 410-288-2900 if you have any questions or need help regarding your car accident settlement.  Medical Damages from car accidents…

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