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Do you have to pay taxes on money you received in a car accident settlement?
Wiki User
∙ 15y ago
General guidelines:
If the money you receive is to replace taxable income - loss of wages, for example - then there is a taxable situation. (You would have paid tax on the income had you received it normally).
If the money is to pay for hospital bills, household assistance, auto repairs or replacements - basically things to restore you to where you were before the event, then there's no taxable event (assuming you didn't tryto take a deduction for the casualty loss - meaning you can't deduct a loss that you are reimbursed for, as no loss actually occurred).
Wiki User
∙ 15y ago
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Do you have to pay taxes on money received in a settlement if the defendant took your money and did not finish the job?
No! Couse weaint own nothin
Do you file taxes on a car accident settlement?
no you can only file taxes in a tax place around the world or where ever you live
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
If receiving a settlement from work related accident do you pay taxes on it?
Worker's Comp payments are not taxable.
Do you have to pay taxes on car accident settlement from the at fault insurance company?
I am a resident of New York State and was involved in a personal injury accident. The settlement that I received is considered wages. You will have to check with your state and local tax laws. I am sure that a phone call to Jackson & Hewwitt or H & R Block in your state will work as well.
Is there any companies that will offer me a cash advance on my automoble accident settlement?
JPWentworth is the best known of those in the structured settlement industry. They will pay you less than the total value of your settlement and you have to be aware that this might leave you with a tax liability so that you could lose more money by paying taxes upon it.
Do you have to pay taxes on money received for services?
Yes.
Do you pay taxes on money received POD?
yep
You receive a settlement from a law suit Is that income subject to Federal or State income taxes?
It depends what the issue of the case is about. If the settlement is in a personal injury lawsuit, there are no taxes. This money is strictly compensation for physical injuries. If the settlement is for back-pay or loss of income lawsuit, then there probably will be taxes.
If you received money for an accidental death do you have to pay taxes on it?
of course you do
Will you have to pay taxes on money received from a deceased uncle?
Generally, no.
Does a beneficiary pay federal taxes on money received?
Generally, no
