Are accident settlements taxable?

Answer Federal tax is applicable on an accident settlement if it is compensation for the loss of taxable income. Vehicle repair, hospital and medical expenses resulting from an accident, as reimbursement ... Read More »

Top Q&A For: Are accident settlements taxable

Are lawsuit settlements taxable?

Settlements awarded as a result of physical injury and sickness claims are not taxable. Emotional suffering settlements are also not taxed, if the emotional injury is a direct result of a physical ... Read More »

Are trust settlements taxable?

On One Hand: Taxable SituationsAccording to the IRS, a trust is taxable. For example, in trust situations of capital gain, either the beneficiary of the trust or the trust itself is tax liable. Als... Read More »

Are Insurance Settlements Taxable?

The Internal Revenue Service (IRS) may count insurance settlements as taxable income. If you are in an accident and injured, or your car sustains damage, money you receive to repair your car is not... Read More »

Are workmen compensation settlements taxable?

If you received a workers' compensation settlement because of a job-related illness or injury, it is exempt from income tax. Settlements awarded to survivors under the same conditions are also tax-... Read More »