Personal Injury Compensation: Taxes on Personal Injury Compensation
When going for personal injury settlements, one of the most common questions most people asked is whether they will have to pay any tax on their settlement. Since they are likely to get monetary compensation from the person who is responsible for their injury, this is a suitable question to ask, more so because authorities such as insurance companies and the legal courts are involved. So, do you have to pay taxes on your personal injury settlements or not?