My motorcycle accident injuries put me out of work for quite a while and I had substantial medical bills. Is the money that I receive taxable?
Once you’ve settled your motorcycle case involving medical expenses, lost wages, and pain suffering, and disability the question often arises as to whether that’s taxable. The general rule is that personal injury settlements are not taxable. However if there is a significant component of lost wages, you may want to contact your tax professional for more specific advice.