In this video, attorney Ted Spaulding explains whether or not car accident settlements are taxable in the state of Georgia.
Are car accident settlements, taxable? Hi, I’m Ted Spaulding, an Atlanta personal injury trial lawyer, and the founder here at Spaulding Injury Law. So, this is a question obviously that comes up at the end of a case. You’ve got a settlement, you’ve got a verdict from a jury, and your lawyer is getting ready to disperse monies. And the question is the money that you’re getting for your pain and suffering, and other damages that you’re taking home with you, is that taxable? Well, your lawyer, unless they’re also a tax lawyer, for some reason, and a personal injury lawyer, I’m certainly not, cannot give you legal advice on that because they’re not tax professionals. What I tell people is, at the beginning of the following year when you’re gonna be filling out taxes, so if you get a settlement or a verdict, a...