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  1. #1
    Join Date
    Jan 2006
    Location
    temecula
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    24

    Default Taxes On A Personal Injury Settlement

    Hi I live in California. Do you have to pay taxes on your lump settlement?
    Thank you

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Taxes On A Personal Injury Settlement

    You should not have to pay taxes on the personal injury settlement but if any of the money is for punitive damages (extra money paid to punish the person/company as the case may be for their harmful behavior) would be taxable. Also, when you put any of the money into one of your accts. (ie bank acct.), the interest earned on the money will be taxable as income.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.

  3. #3
    Join Date
    Feb 2006
    Location
    riverside
    Posts
    136

    Default Re: Taxes On A Personal Injury Settlement

    Thank you....love this forum!!!

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Taxes On A Personal Injury Settlement

    You're welcome.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.

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