Does the IRS tax insurance settlements for physical injury?

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Does the IRS tax insurance settlements for physical injury?

2006-12-27 09:53:26 · 4 answers · asked by T 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

no i injured myself at work 3 years ago and irs didn't get a cent

2006-12-27 09:56:18 · answer #1 · answered by cwb63ss 6 · 1⤊ 0⤋

Damages for physical injuries are not taxable. If the award included punitive damages or compensation for expenses (such as medical expenses) that you previously deducted, then that portion of the award may be taxable. Consult a tax advisor for complete information.

2006-12-27 17:57:58 · answer #2 · answered by TaxGuru 4 · 3⤊ 0⤋

no. You pay taxes to no one.

2006-12-27 17:55:34 · answer #3 · answered by ANSWER MY QUESTION!! 6 · 0⤊ 0⤋

irs.gov

2006-12-27 18:00:49 · answer #4 · answered by Jill&Justin 5 · 0⤊ 2⤋