Charlotte Injury Lawyer Matt Arnold answers the question: “Do I have to pay taxes on a settlement or jury award in a personal injury case?”
Anyone who has been injured in any way knows how difficult it can be to recover. From a minor injury to a major injury, the healing process can cause many inconveniences in daily life. For some injuries sustained, an injured party can file a personal injury suit to recover damages for medical bills, lost wages, and more. In North Carolina, a personal injury suit is filed on the basis of negligence. When another person is negligent and that negligence results in damages to you, there is the possibility to recover for those damages. Many people know that they can recover damages for injuries, but are unsure where those damages come from. How are personal injury suits valued? The following are the ways in which the monetary value of a personal injury claim can be determined.