LESLEYDOM
1 Answer
ROMOS
For the USA.
The Internal Revenue Service classifies "compensatory damages" as income you receive for a physical injury as "other compensation" and generally holds that these forms of reimbursement are not taxable. Specifically IRS Publication 525 "Taxable and Nontaxable Income" states "Many other amounts you receive as compensation for sickness or injury are not taxable."
Read more :http://www.ehow.co.uk/info_7758768_do-accident-claim-settlement-income.html
| 12 years ago. Rating: 7 | |
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