Get the news and details description of settlements and related FAQs

a viatical settlement broker may not

Published 3 years agoUpdated 2 years ago

Some of the risks associated include: (1) if you live longer than expected, you may not have enough life insurance coverage to protect your loved ones, (2) if the policy is not properly structured, the death benefit may be subject to taxation, and (3) if the viatical provider becomes insolvent, you may not receive the full amount of the death benefit.

are car accident settlements taxable

Published 3 years agoUpdated 2 years ago

· Are car accident settlements taxable? Here is an expert tip on how to determine whether a settlement is taxable or tax-exempt: The IRS only taxes income, which is money you received that makes you wealthier than you were before. While the 16th amendment gives Congress the "right to lay and collect taxes on incomes, from whatever source derived," …

are insurance settlements for property damage taxable

Published 2 years agoUpdated 2 years ago

· Once you file an insurance settlement or claim, the money you receive does not tend to be taxable. However, in some cases, this money is subject to taxes. Unfortunately, many people don’t realize they have to pay taxes on their settlement until it is a little too late. The IRS levies taxes based on income alone. If you receive a payment from your insurance, in most …

are law suit settlements taxable

Published 3 years agoUpdated 2 years ago

· Lawsuit settlements and damages can be arranged into two groups taxable and nontaxable. There are exceptions to every rule, and each lawsuit claim is unique. Again, we suggest seeking advice from an account where possible. Remember, according to the IRS, gross income includes “all income from whatever source derived.”

are legal settlements tax deductible

Published 3 years agoUpdated 2 years ago

· The settlement money is taxable in the first place; If your legal settlement represents tax-free proceeds, like for physical injury, then you won't get a 1099: that money …

are medical settlements taxable

Published 3 years agoUpdated 2 years ago

· The good news is that most of the payment will most likely not be taxable. A careful review of the breakdown of your settlement award will help clarify what’s taxable and what’s not. What’s Not Taxable: According to the IRS, payments for medical malpractice are classified as “personal physical injuries” settlements or compensatory damages. The portion of …

are settlements public record

Published 3 years agoUpdated 2 years ago

· Details about settlements as well as the nature of injuries in a crash and other details remain part of the public record and can be accessed by anyone. For this reason, it is no surprise that individuals want to know whether private information will become part of the public record or not. The Two Options for Resolving a Claim

are work comp settlements taxable

Published 3 years agoUpdated 2 years ago

· Generally, the answer is “no.” Workers’ compensation payments are typically not considered taxable income. However, there’s an exception: if you receive social security disability benefits in addition to workers’ comp, some of your workers’ comp could be taxed.

can chapter 13 take a settlement check

Published 3 years agoUpdated 2 years ago

· Posted on Mar 6, 2013. First, if the accident occurred more than 6 months after you filed your chapter 13 case, you shoudl not have to share the proceeds with your pre-petition creditors adn the trustee would not have the right to assert an interst in the proceeds. Second, if it is a pre-petition injury and you are just getting your settlement now, you may be obligated to …

can i buy a house after debt settlement

Published 3 years agoUpdated 2 years ago