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    oespanhol1's Avatar
    oespanhol1 Posts: 49, Reputation: 1
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    #1

    Jul 26, 2008, 08:59 AM
    Personal Injury Award: Taxable and/or Attachable
    If one wins a personal injury lawsuit resulting in his or her receiving an award of money damages, is this monetary award taxable or attachable by creditors?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 26, 2008, 09:53 AM
    Quote Originally Posted by oespanhol1
    If one wins a personal injury lawsuit resulting in his or her receiving an award of money damages, is this monetary award taxable or attachable by creditors?


    Yes, any money you receive from any source (insurance settlement, inheritance) can be attached by creditors. It is money that belongs to you and can be used to pay a debt that you owe.

    As far as taxes - it depends on just what the settlement amount is for. Pain and suffering? No. Reimbursement of medical expenses (if you have itemized a tax return and listed those expenses), yes.

    I'm an accident investigator - your Attorney should be able to write the settlement in such a way (or the Release) that the tax situation is diminished as much as possible.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Jul 26, 2008, 09:54 AM
    [QUOTE=hjpan]
    Quote Originally Posted by oespanhol1

    Give more details then... we can't do anything with one sentence.
    It all depends the seriousness

    You are legally incorrect - no more info is needed and the seriousness of the accident has nothing to do with how the settlement is treated.
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