{"id":1616,"date":"2007-09-20T15:40:59","date_gmt":"2007-09-20T15:40:59","guid":{"rendered":"http:\/\/localhost:8888\/wordpress\/serious_injury_settlements-are_they_taxable\/"},"modified":"2024-12-17T16:12:05","modified_gmt":"2024-12-17T21:12:05","slug":"serious-injury-settlements-are-they-taxable","status":"publish","type":"post","link":"https:\/\/www.finchmccranie.com\/blog\/serious-injury-settlements-are-they-taxable\/","title":{"rendered":"Serious Injury Settlements–Are They Taxable?"},"content":{"rendered":"

Many people we have represented in serious personal injury cases whether they workplace accidents, trucking accidents, automobile accidents or dangerous products have asked whether settlement proceeds or payments made to an injured party as aresult of a jury verdict are taxable. The general rule is that those payments are not taxable.<\/p>\n

The Internal Revenue Code provides, \u201cExcept as otherwise provided”, gross income for the purpose of calculating Federal income tax includes “all income from whatever source derived”. Sec. 61(a). This definition is sweeping in scope, and exclusions from income are to be narrowly construed. However, Section 104 provides for an exclusion from gross income for certain payments received as compensation for injuries or sickness. Specifically, section 104(a)2 provides in part:<\/p>\n

SEC. 104. COMPENSATION FOR INJURIES OR SICKNESS.<\/p>\n

Continue reading<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Many people we have represented in serious personal injury cases whether they workplace accidents, trucking accidents, automobile accidents or dangerous products have asked whether settlement proceeds or payments made to an injured party as aresult of a jury verdict are taxable. The general rule is that those payments are not taxable. The Internal Revenue Code […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[44],"class_list":["post-1616","post","type-post","status-publish","format-standard","hentry","category-personal-injury-wrongful-death","tag-personal-injury"],"yoast_head":"\nSerious Injury Settlements--Are They Taxable? — Trial Attorney Blog — September 20, 2007<\/title>\n<meta name=\"description\" content=\"Many people we have represented in serious personal injury cases whether they workplace accidents, trucking accidents, automobile accidents or dangerous — September 20, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finchmccranie.com\/blog\/serious-injury-settlements-are-they-taxable\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Serious Injury Settlements--Are They Taxable? 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