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In the United States, for federal taxes payable to the IRS, the money awarded in a personal injury settlement as compensation for pain and suffering, medical expenses and property damage is not ordinarily taxable. Exceptions may apply, for example, if a plaintiff took a tax deduction in a prior year for medical expenses that are recovered ...
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
The test for deciding whether the amount was excessive as a matter of law or was so grossly disproportionate as to raise the presumption that it was the product of passion or prejudice is four-prong: 1) the degree of reprehensibility of defendant's conduct; 2) wealth of the defendant; 3) the amount of compensatory damages; and 4) an amount ...
You can negotiate the car’s value with the adjuster or hire an attorney to come to a settlement. Accidents can be stressful, especially ones that result in a total loss (aka a totaled car).
After a car accident, one of the first orders of business is determining fault. Fault refers to who is deemed responsible for causing the incident. Car insurance companies rely on this information ...
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[citation needed] If this figure exceeds the value of the car after it is repaired, the vehicle is deemed a total loss. Auto insurers generally settle total loss claims on one of three methods of claim settlement: [15] Actual Cash Value (or ACV): the value of the vehicle is determined by the claims adjuster after the total loss occurs,
Personal Casualty Gains for individuals for United States Federal Income Tax purposes are defined in section 26 U.S.C. § 165(h)(3)(A) of the Internal Revenue Code as the recognized gain of property arising from fire, storm, shipwreck, or other casualty. The property in question cannot be connected with a trade, business, or transaction entered ...
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