Are Personal Injury Settlements Taxable?
Do You Need Legal Help?
Contact us today for a free legal consultation.
"I highly recommend attorney Fred Willumsen. He is professional, thorough, forthright, and kind. He communicated well throughout the process, took the time to answer any question I had, told me just how things were, whether good news or bad. He advised well on decisions I needed to make, and his support team did a great job in helping to navigate and resolved my case with the best results possible. Thanks again, Fred!"
– A.M.
I worked with Donal McRoberts and I can say without hesitation that he is one of the most caring and hardworking people I know. He helped me through the absolute worst time in my life. Not only with my case but he made sure I was getting the medical help I needed too. I could never thank him enough for all he did. He protected me the whole time, never letting myself or anyone else put me in a position that could hurt me (mentally). If you are looking for someone to be on your side whether it is be a quick case or a long haul Donal is who you need hands down.
– Abby F.
I love this law firm Dominic went above and beyond for my case, everything went very well. I’m so thankful for all of the help they gave me.
– Breanna S.
Do not Make These 7 Personal Injury Case Mistakes
Download this free book to learn more about the mistakes you could make that could damage or slow down your personal injury case.
Make sure you get this free guide.
We are often asked, “are personal injury settlements taxable?” Learn the answer to that question in this video.
Question:
Are my personal injury case winnings taxable in Texas?
Answer:
I often get questions from clients. They want to know things like I just got a personal injury settlement, is this money taxable? Is Uncle Sam going to take half of my money that I just got for my broken arm or sore neck? It depends, but typically, your personal injury settlement is nontaxable, depending upon how the money is categorized. For example, if the money is recovered for lost wages, it is taxable. There are certain scenarios where a personal injury settlement is not taxable. For instance, the money recovered for mental anguish, or pain and suffering, or scarring, disfigurement, physical impairment or the loss of joys. If it’s considered personal injury damages, it’s not taxable. That’s why it’s important to get a trial attorney who understands this and understands the importance of categorizing the money at the resolution of your case so Uncle Sam doesn’t take your money.
Were you or a loved one seriously injured in Texas and have questions about how are personal injury settlements taxable? Contact our experienced Texas Personal Injury Lawyers today for a free legal consultation and case evaluation.
Like us on Facebook
Client Reviews
