What is taxable in Personal injury settlement under the US ?

[susjansentosa]

How good can a personal injury attorney be if he doesn't understand the tax implications of a settlement? It seems that would be a basic consideration when contemplating a settlement.

 

[Ohiogal]

How good can a personal injury attorney be if he doesn't understand the tax implications of a settlement? It seems that would be a basic consideration when contemplating a settlement.

Is he a tax attorney? Did he tell you to seek advice from your CPA or tax advisor? Why should he know if this is YOUR settlement? You should be checking on that before you decide to settle.

 

[tranquility]

While he wouldn't want to give advice outside of his expertise, just like a family law attorney should know if something will be considered by the IRS as alimony or not, a personal injury attorney should have some idea what the taxability of a settlement will be.

 

[Silverplum]

Why did you erase the auto-fill question?

WHAT IS THE NAME OF YOUR STATE?

 

[Ohiogal]

I would also want to know WHY this is posted in JUVENILE LAW?