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In the United States, for federal taxes payable to the IRS, the money awarded in a personal injury settlement as compensation for pain and suffering, medical expenses and property damage is not ordinarily taxable. Exceptions may apply, for example, if a plaintiff took a tax deduction in a prior year for medical expenses that are recovered ...
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
Personal Casualty Gains for individuals for United States Federal Income Tax purposes are defined in section 26 U.S.C. § 165(h)(3)(A) of the Internal Revenue Code as the recognized gain of property arising from fire, storm, shipwreck, or other casualty. The property in question cannot be connected with a trade, business, or transaction entered ...
How long you can file a claim for an injury after a car accident depends on your state. Reporting requirements for bodily injury range from one year in Louisiana or Tennessee to 10 years in Alaska.
After a car accident, one of the first orders of business is determining fault. Fault refers to who is deemed responsible for causing the incident. Car insurance companies rely on this information ...
Below is a rundown of all the current claims you could be eligible for, and steps concerning how to recoup any money you may be owed. AT&T Total settlement: $60 million.
When filing a lawsuit as a result of an injury, it is common for someone to seek money both in compensation for actual money that is lost and for the pain and stress associated with virtually any injury. In a suit, pain and suffering is part of the "general damages" section of the claimant's claim, or, alternatively, it is an element of ...
A structured settlement is a negotiated financial or insurance arrangement through which a claimant agrees to resolve a personal injury tort claim by receiving part or all of a settlement in the form of periodic payments on an agreed schedule, rather than as a lump sum. As part of the negotiations, a structured settlement may be offered by the ...