Are car accident settlements taxable, either state or federal?

Greg Stokes: In general, personal injury settlements are not taxable. The IRS has a specific code section that deals with settlements that come from physical injury claims. If you have been injured and you receive a settlement, it is considered a loss to your body and it is not taxable income. The example I give is when your car is in a crash and it is a total loss, and they give you, say, $30,000

CategoryAuto Accidents
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