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Posted over 5 years ago.

Let me add that i was not working or had any income at the time of the accident so i did not lose any wages

Marc Sean Hurd
Marc Sean Hurd, Business Attorney - Corona, CA
Posted over 5 years ago.

Then that would appear to overcome one of the potential hurdles. I think (and I believe the others who've answered would agree) that in order to avoid potentially expensive tax consequences, it may be best to review settlement terms with a tax attorney. Think of it as paying for "peace of mind."

Henry Daniel Lively
Henry Daniel Lively, Tax Lawyer - Newport Beach, CA
Posted over 5 years ago.

Make sure your settlement agreement properly designates the funds you receive as compensation for your physical injuries.