Wrongful Death Settlements And Taxes: What Is Tax Exempt What Is Not?
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It seems as if just about anything is subject to taxes nowadays, which is why many people tend to believe that wrongful death settlements are taxable as well. Wrongful death settlements usually compensate certain surviving family members — eligible heirs of the deceased — for both economic and non-economic damages and losses. That is why Congress also included tax exemptions for those who receive financial compensation for a relative’s death if the death was caused by physical injury,” explains our Los Angeles wrongful death lawyer at the Kristensen Weisberg, LLP. Also, wrongful death compensation for the loss of financial contributions, including but not limited to gifts and services that the deceased would have provided if he or she did not die, are also not subject to taxes. Contact lawyers at the Kristensen Weisberg, LLP, to get a free consultation. Call at 310–984–1297 or fill out this contact form.
