Physical Injury is not Taxable
As a general rule, the proceeds received from most personal injury claims are not taxable under either federal or state law. Whether you settled the case before or after filing a personal injury lawsuit in court does not matter.
Punitive Damages Taxes on Injury Accidents
Punitive damages are always taxable. If you have a punitive damages claim, your lawyer will always ask the judge or jury to separate its verdict into compensatory and punitive damages. That ensures that you can prove to the IRS that part of the verdict was for compensatory damages, which are not taxable.
(713) 366-HURT (4878)
A case involving Harris County Courts can be complicated. Proving the legal elements with clear and convincing evidence is a daunting task. Houston Injury Lawyers, PLLC, can help you navigate this issue and answer any questions you may have. Se Habla español.
Houston Injury Lawyers, PLLC Taxes on Injury accident
We have the experience and resources necessary to guide you and your family through the civil court proceedings. Your injury claim will entail and help you approach the situation with great confidence and understanding.
Contact us to schedule a free case review and find out how our firm can assist in your recovery.
State of Texas
They are pursuing a personal injury lawsuit in Texas that allows victims to recover their damages and seek compensation for their pain and suffering.