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What are the tax implications of a lawsuit settlement. I heard there are no taxes but I find that hard to believe?
Wiki User
∙ 16y ago
It depends on what the payments are for. Damages received for personal physical injury or physical sickness are NOT taxable. Punitive damages ARE taxable. Damages for emotional distress ARE taxable except for amounts that were used to pay for actual medical expenses. These are just examples. If these don't specifically answer your question, I would recommend seeking professional advice as the tax code varies widely depending on the type of lawsuit.
Wiki User
∙ 16y ago
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