Are Mesothelioma Settlements Taxable Income

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Regardless of why the punitive damages were awarded, they are always taxable. Citizens of this country are taxed on both their income and on punitive damages. However, if the emotional distress has a clear link to a physical injury, it becomes tax free..Steven Mark Sweat. Ordinarily, the proceeds from any personal injury or wrongful settlement is not considered “taxable income” by the IRS but, you should consult with a CPA or tax attorney about this..

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