QUESTION
Are payments received by me from my insurance company paid under the SUM/UIM coverage taxable to me?
Asked on Apr 26th, 2012 on Automobile Accidents - New York
1 ANSWER
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As generally, payments for UM/SUM are for pain and suffering, unless they represent lost wages, then they are not taxable.
Gerry Wendrovsky, Esq.- Upper West Side Lawyerwww.upperwestsidelawyer.com
Answered on May 10th, 2012 at 5:16 PM