Are Personal Injury Settlements Taxable?

From Hardison & cochran 2024

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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.

Attorney's Role

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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

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