Claiming wage loss/medical on income tax from personal injury case?

by admin on June 24, 2010

In a motor vehicle accident, I received a settlement for personal injury. Is the portion that is noted as wage loss/medical to be claimed on my income taxes as other income? Is it the full amount and what documents do I attach to support it?

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{ 2 comments }

WealthBuilder June 24, 2010 at 7:29 pm

Compensatory payments are not taxable. The amount for punishment to the defendant is taxable.

sugarbdp1 June 24, 2010 at 7:29 pm

I don’t think you have 2 claim it cause U already paid taxes on this ask your lawyer he’ll know.Good Luck

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