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Contact Narbeh Shirvanian
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Los Angeles, CA personal injury attorney Narbeh Shirvanian talks about personal injury settlements and whether or not they are taxable. When delivering a settlement check to clients, one of the most common questions addressed is whether the received amount will be subject to taxation. The firm emphasizes that they are not tax preparers or CPAs and encourages clients to seek advice from a tax professional for specific guidance. Generally, bodily injury settlements are not considered income as they are based on injuries rather than wages. While settlement checks are typically not taxed as income, exceptions may apply, especially if a client is deducting medical bills on their taxes. To obtain precise information tailored to individual circumstances, consulting with a CPA or tax consultant is strongly recommended by the firm.