QUESTION
If I receive a settlement from a personal injury, do I have to pay taxes?
Asked on Mar 24th, 2012 on Taxation - Oregon
More details to this question:
I hit an animal in the middle of the highway. If the owner is found guilty and I am awarded a settlement, do I have to pay any taxes?
2 ANSWERS
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
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You are not provided sufficient information upon which to form a legal opinion which you should rely upon.
Answered on May 30th, 2013 at 2:36 AM
Tax Attorney serving Portland, OR
at
Bullivant Houser Bailey PC
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To the extent that you are paid for suffered physical personal injuries you suffered or are paid no more than your tax cost for damaged property (like your car), the recovery will be tax free. Most other amounts will be taxable income.
Answered on Apr 02nd, 2012 at 6:16 PM