Are insurance settlements taxable for injuries sustained in a motorcycle accident?
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Are insurance settlements taxable for injuries sustained in a motorcycle accident?
Asked on December 7, 2012 under Accident Law, Kansas
Answers:
eric redman / Redman Ludwig, P.C.
Answered 12 years ago | Contributor
generally- unless part of the payment is designated as lost wages(whcih would be taxable) there is no income tax paid on settlements because they contain pain and suffering damages
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