Don't Spend Your Personal Injury Settlement Right Away, You May Need To Pay Taxes On It
Before you start spending your personal injury settlement or court award, make sure that you set some money aside for taxes. Depending on the type of settlement or award that you were granted, you may have to pay the IRS. Physical Injury If the settlement or court award for your personal injury suit was meant to compensate you for a physical injury or illness, you are not required to pay taxes on that portion of the award.…
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