My dad died in a car accident . My mom and sibling sued and won the case at arbitration. I received some money and was placed in guardianship for 9 years until i became 18. IDo i have to pay taxes? is this consider an income and need to file income tax return? please advise. thank you.
Asked on 1/04/10, 12:40 pm
2 Answers from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
No, the award from a personal injury settlement is not taxable income.
Answered on 1/09/10, 1:02 pm
Robert Roemer
Robert Roemer
You would need to at the award to make sure that the settlement or other documents clearly say the proceeds are for pain ,emotional suffering,etc to determine whether it is truly a tax-free
award to you. If you need help you can fax the document to me to review.
Answered on 1/12/10, 9:21 pm
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