Is a Settlement from Medical Malpractice Taxable
My wife and I along with our Minor son will soon be settleing a medical malpractice suit. The amount will be in access of $2,000,000.
After the attorneys fees are taken out is our part taxable?
Asked on 2/17/04, 10:19 am
2 Answers from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Re: Is a Settlement from Medical Malpractice Taxable
It depends on the wording of the agreement, but in general it should not be taxable.
Answered on 2/17/04, 10:48 am
Barbara Lamar
Law Office of Barbara Lamar
Re: Is a Settlement from Medical Malpractice Taxable
Protions that are for physical injury are non-taxable. Everything else (including interest on nontaxable amounts) is taxable.
Answered on 2/17/04, 12:20 pm
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