Are Personal Injury Settlements Taxable?

From Hardison & cochran


Not all parts of a personal injury settlement are taxed. Learn what's taxable and what's not.

Not All Settlement Money is Taxed

The good news: compensation for medical bills and emotional distress is generally not taxed.

What About Lost Wages and Punitive Damages?

Lost wages and punitive damages are considered taxable income.

Deducted Medical Expenses

If you already deducted medical expenses in a prior tax year, the compensation you receive for those expenses may be taxable.

Green Star

Attorney's Role

Consult an experienced personal injury attorney. A personal injury lawyer can help you understand the tax implications of your specific settlement.

Peace of Mind After Your Injury

Focus on healing and recovery. Let our attorneys at Hardison & Cochran handle the tax complexities of your settlement.

Attorneys at Law, North Carolina 24/7