I was injured in an accident and settled with my insurance company. They paid for my medical bills and for pain and suffering. From what I understand, the settlement amount is not tax deductible. But can I still claim a tax break for the deductibles I’ve paid for my treatment?
This accident happened in CA, USA
Insurance settlment – tax break?
11
Mar
UCANTCME
March 11, 2010 at 12:51 am
CALL ANY ATTORNEY AND ASK BUT FROM WHAT I HAVE HEARD THE SETTLEMENT IS TAX FREE.
yaska
March 11, 2010 at 12:59 am
In Canada you can certainly deduct medical expenses you have paid. Therefore, I suggest you call your tax department or go there and get a booklet on deductions for medical expenses.
mbrcatz17
March 11, 2010 at 1:39 am
No, because now they’ve been reimbursed. You don’t have a monetary LOSS now.