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In a personal injury lawsuit in common law jurisdictions, the two basic forms of compensatory damages that may be awarded are economic damages, compensation for the injured person's past and future financial costs and losses, and non-economic damages, compensation for the pain and suffering which results from an injury. As many jurisdictions ...
The entire punitive damages award is taxable, which can lead to hefty taxes. Contingency fees may be taxable: If your settlement is non-taxable, legal fees won't affect your taxable income ...
In a suit, pain and suffering is part of the "general damages" section of the claimant's claim, or, alternatively, it is an element of "compensatory" non-economic damages that allows recovery for the mental anguish and/or physical pain endured by the claimant as a result of injury for which the plaintiff seeks redress.
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 ...
In the weeks since the storm — which caused an estimated $48.8 billion in damages — residents are looking for any breaks, including tax deductions, connected to storm damage. Don't miss
As an example, in suits brought under the State of Washington's wrongful death statute, loss of consortium is an element of damages. [4] Although some jurisdictions recognize only spousal consortium (usually considered as sex), others recognize parental consortium (love and affection) and allow children to recover for the death or disability of ...
Non-taxable income is considered nontaxable in the eyes of the IRS. You would not be expected to pay taxes on a health savings account (HSA), child support payments, workers compensation payments ...
Special damages can include direct losses (such as amounts the claimant had to spend to try to mitigate damages) [15] and consequential or economic losses resulting from lost profits in a business. Damages in tort are awarded generally to place the claimant in the position in which he would have been had the tort not taken place. [16]