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Anyone got an answer?

J

jdgreen454

Member
I was involved in a bike accident in Oct 06. I'm looking at getting $25000 from the insurance comp of the guy who hit , and $75000 from the insurance comp I was insured with at the time. My question is will I have to pay taxes on this money? I have read that if its a personal injury lawsuite that the money is tax free. Even though I healed up fine (broke my right femur and knee and left tibula/fibula), does this classify as personal injury? All of the medical costs were covered by the other guys insurance company. Just wondering if anybody on here has dealt with this.
 
My wife and daugther have both had insurance settlements from accidents and did not have to pay any taxes. That said, consult your favorite tax professional to make sure as I can not afford your bail if I'm wrong. (Yeah, it happens)lol
Sorry to hear about your accident. Hope you're up and riding again.
 
I don't know where you live,but here in Ontario insurance settlements are tax free
 
I would ask your accountant or a local tax preparer. Nothing against anyone here but why not ask the pro's and be certain. :D
 
I was involved in a head-on with a drunk driver a little over 10 years ago. Also in the car was my wife and two kids. No one died but we were pretty messed up with alot of broken bones etc.

No. No taxes on this money. It's not income. Its a medical/pain and suffering settlement. Don't know where you're from, but I think its a pretty consistent law. (we received approx. $150,000 among all of us)
 
Not a pro but it may depend on weither it was for pain and suffering (not taxed ) or lost wages (taxed) . Just what I was toldd though. Good luck.
 
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