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Are Personal Injury Settlements Taxable in Florida?

If you’ve been injured in an accident that was caused by someone else’s negligence and are in the process of pursuing a settlement via a personal injury case, you may have questions about the tax implications of such a settlement. The thought of the accident costing you even more in financial outlay can be daunting, but you will be glad to know that, generally, no, your settlement will not be taxed. Because it is not quite that easy, however, it’s important to better understand the tax basics as they apply to personal injury settlements generally. An experienced Boca Raton personal injury attorney can help you with all of your legal concerns related to the injurious accident.

Your Specific Damages

If you have been injured in an accident that was caused by the negligence of someone else, you can expect to experience certain kinds of damages that can include:

These tend to encompass the damages associated with most personal injury cases.

Taxability

Different tax rules apply to different portions of your settlement amount. Let’s take a closer look:

In other words, the tax implications of personal injury settlements can be complicated.

An Experienced Boca Raton Personal Injury Attorney Can Help

If someone else’s negligence leaves you injured, the Boca Raton personal injury lawyers at Demand the Limits Personal Injury Attorneys are committed to skillfully advocating for compensation that covers your damages in their entirety, and that provides you with the means to reach your fullest recovery. Your case and your rights matter, so please don’t hesitate to contact or call us at (561) 600-3555 to schedule a free consultation today.