All information provided about the law is very general in nature and should not be relied upon as legal advice. Every situation is different and should be analyzed by a lawyer who can provide individualized advice based on the facts involved in your unique situation, and a consideration of all of the nuances of the statutes and case law that apply at the time.
Is Settlement Money Taxable?
Generally speaking, settlement money is not subject to federal taxes.
In many cases, settlements are also not usually subject to state taxes, however state tax law can vary. It’s important to discuss any settlement money or claims with a tax professional in your state.
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