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Are personal injury settlements taxable income?

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The general answer is no. According to IRS Publication 4345 (Rev. 4-2015), if you receive a settlement for personal physical injuries or physical sickness and you do not take an itemized deduction for medical expenses related to the injury or sickness in previous years, the full amount of your injury settlement is non-taxable. You should not include the settlement proceeds in your income.

Have questions on your personal injury claim? Contact one of our attorneys for a free consultation.

For more information on this article, contact Karp & Iancu.

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