Demystifying Taxation On Personal Injury Settlements: What You Need To Know

Under the Internal Revenue Code, most personal injury settlements are not considered taxable income. This includes compensation for physical injuries or physical illness.

However, there are some exceptions to this rule. Additionally, interest on any settlement is typically considered taxable.

The tax implications of a personal injury settlement can be complex and depend on the specifics of your case, so you should consult with a tax professional or an attorney for advice related to your specific situation.

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