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Old 12-03-2007, 01:39 PM
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taxes on settelments?

What is the name of your state? texas

do you have to pay taxes on money received from a wrongful death suit? or personal injury?
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Old 12-03-2007, 02:07 PM
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Quote:
Originally Posted by janetw30 View Post
What is the name of your state? texas

do you have to pay taxes on money received from a wrongful death suit? or personal injury?
The simplistic answer is that any part of the settlement that replaces taxable income (ie wages) or punitive damages are taxable. Anything that pays for medical bills or funeral costs or for ongoing care is not.

Any settlement should be run by a tax professional.
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