swtksses2006
Junior Member
What is the name of your state (only U.S. law)? NC
In July of 2007 I was involved in an accident in TN. It was the other person's fault and resulted in my car being totaled and injuries to my foot that required several surgeries and rehabilitation. Even after the surgeries I am not completly "fixed" nor will I ever be, it will comtinue to get worse as the years go by. I recieved immediatly compensation for my 2004 Chevy Cavalier, and it took almost a year to recieve a settlement from the insurance company to cover medical expenses and helth insurance claims. I recieved roughly 26,000.00 after all other parties got their payment. The payment I recieved was to cover loss due to not being able to work for two months and being on restricted hours and rehabilitation the other 3 months. I gave 5,000.00 To my parents because they were also out of work with me for a few days and helped cover other expenses. now to my question, am I going to have to claim any of this on my tax return for 2009 and pay taxes on it? I am not sure how it's supposed to work and we are wanting to file as soon as possible, but don't want to wait longer then neccessary waiting on information that we may not recieve from the insurance company. Thanks
In July of 2007 I was involved in an accident in TN. It was the other person's fault and resulted in my car being totaled and injuries to my foot that required several surgeries and rehabilitation. Even after the surgeries I am not completly "fixed" nor will I ever be, it will comtinue to get worse as the years go by. I recieved immediatly compensation for my 2004 Chevy Cavalier, and it took almost a year to recieve a settlement from the insurance company to cover medical expenses and helth insurance claims. I recieved roughly 26,000.00 after all other parties got their payment. The payment I recieved was to cover loss due to not being able to work for two months and being on restricted hours and rehabilitation the other 3 months. I gave 5,000.00 To my parents because they were also out of work with me for a few days and helped cover other expenses. now to my question, am I going to have to claim any of this on my tax return for 2009 and pay taxes on it? I am not sure how it's supposed to work and we are wanting to file as soon as possible, but don't want to wait longer then neccessary waiting on information that we may not recieve from the insurance company. Thanks